Thursday, April 09, 2020 9:10:20 PM - Markets open
VN-INDEX 760.33 +12.31/+1.65%
HNX-INDEX 105.08 +1.15/+1.10%
UPCOM-INDEX 50.74 +0.43/+0.86%
Pork prices put pressure on CPI in 2020: experts
https://vietnamnews.vn/ - 1/4/2020 8:23:11 AM
 (0 ratings. You must sign in to rate.)
The goal of keeping inflation below four per cent in 2020 would depend heavily on pork prices, heard a conference co-organised by the Academy of Finance and the Department of Price Management under the Ministry of Finance on Friday in Hà Nội.
 
Speaking at the conference to discuss inflation in 2020, Nguyễn Đức Độ, deputy director of the Institute of Economics and Finance, said the prices of fuel, pork, healthcare services, education and power and risks from natural disasters would put pressure on the consumer price index (CPI) in the coming 12 months.
 
Among them, pork prices would be the decisive factor for CPI, Độ said.
 
After shocking increases in pork prices in the fourth quarter of 2019 due to African swine fever, the prospect of keeping CPI below four per cent in 2020 was no longer a certainty.
 
Độ pointed out three scenarios for inflation in 2020.
 
In the best scenario, in which pork prices would plummet from this month as a result of the end of African swine fever, successful pig farming and Government efforts to stabilise pork prices, CPI in 2020 would stand at around 3 per cent.
 
In the second scenario, CPI would sit at around 3.5 per cent which would involve pork prices remaining high in the first quarter but starting to drop from the second quarter.
 
In the worst case scenario with African swine fever continuing to spread in the first quarter, keeping inflation below four per cent would be very difficult.
 
We need to be cautious and flexible with price management policies, expert Ngô Trí Long said.
 
Although the Government was successful in keeping inflation below 4 per cent in 2019 (at 2.76 per cent), pressure on CPI would be high in 2020, Long said, adding that close monitoring of the cost of essential goods was needed to ensure adequate supplies, especially over the Tết (Lunar New Year) holiday.
 
According to the Department of Price Management, pork prices were forecast to remain high in the first months of this year while prices of healthcare and education services were likely to increase.
 
The Ministry of Finance has proposed halting price hikes for goods and services that had already been fixed by the Government, such as healthcare, education and electricity, in the first quarter of the year. Any increases should be considered to avoid creating huge pressure on inflation while pork prices remained high.
 
Lê Quốc Phương, former deputy director of the Ministry of Industry and Trade’s Industry and Trade Information Centre, said that in the long term, measures were needed to prevent distorted information which caused market instability.
 
According to Bảo Việt Securities, increasing prices of goods and services fixed by the Government would push up overall CPI by one per cent in 2020.
 
The company projected average CPI for 2020 at around four per cent.
 
CPI in 2019 expanded at a three-year low of 2.79 per cent. — VNS
 
Read original article here
Newer News
08/04 Tra fish exports to US, China rise in March
05/04 Cement, clinker exports slump on COVID-19
05/04 Farmers, businesses struggle as pepper, cashew prices drop
02/04 FDI into HCM City in Q1 drops 33% year-on-year
30/03 Hanoi’s CPI rises 5.23 percent in Q1
29/03 MoLISA proposes $843m bailout package for businesses during COVID-19
26/03 Newly registered FDI rises by nearly 45 percent in Q1
22/03 Pandemic has little impact on Việt Nam’s shrimp exports
18/03 Việt Nam’s garment exports down in two months
15/03 Fruit, vegetable export targets unlikely to be achieved in 2020
Older News
04/01 Origin fraud hurt Vietnamese steel in the long run
04/01 Domestic cybersecurity products on the rise
01/01 VN to evaluate business reform results
30/12 Economic milestones of Vietnam in 2019
29/12 Investment in agricultural sector remains modest
28/12 Tây Ninh promotes safe agricultural products, foodstuff in HCM City
26/12 FDI inflow makes new 10-year record in 2019
25/12 Trade promotion to focus on key markets
22/12 HCM City wants its businesses to create global brands
16/12 Vietnam’s November PMI up from last month
 
Newsletter Signup
Top Stories
Reference exchange rate down 5 VND on March 26
Reference exchange rate up 5 VND on March 18
Shares tumble over WHO declaration of COVID-19 pandemic
Tight co-ordination needed to ensure EVFTA benefits
VN shares mixed, but growth expected to return
Market Update
Last updated at 3:10:04 PM
VN-INDEX 760.33 +12.31/+1.65%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.