May CPI increased by 0.44%

VietNamNet Bridge - Consumer price index (CPI) in May increased by 0.44% compared to the last month, according to the General Statistics Office.

Domestic gold price set a record high on May 22, almost VND20.7 per tael of SJC gold

Since early this year, CPI rose by 2.12% and the average CPI of the first five months in 2009 increased by 11.59% over the same period last year.

In May, ten groups of goods and services, all increased by 0.03% to 1.8% in prices, of which, the groups of transportation and postal services had the highest increasing level at 1.8%.

Especially, the groups of post and telecommunications saw the highest increase by 1.92% after several declining months. Other consumer goods and services groups rose by 1.44%; housing and construction materials groups increased by 0.97% and groups of equipment and household appliances went up by 0.51%.

CPI of food and food service groups increased by 0.18%. Among them, foodstuff group and eating outside group rose by 0.36% and 0.38% respectively while food group decreased by 0.37%

The gold price and US$ price indexes in May increased by 0.61% and 1.25% respectively against the last month.

Since the beginning of this year, the gold price has risen 17%, in line with fluctuations in the world market. On May 22, the country saw a record high – almost VND20.7 million per tael (1.2 troy ounces) of SJC gold.

On May 21, Standard & Poor's Ratings Services said it affirmed its 'BB/B' foreign currency and 'BB+/B' local currency sovereign credit ratings on Vietnam.

The world’s foremost provider of independent credit ratings, indices and risk said that healthy economic growth prospects, reinforced by the government’s persistent efforts in economic restructuring, partly offset these weaknesses. A modest level of external indebtedness also supports the government's credit quality.

By April, inflation has receded to below 10% and the trade account was in surplus for the first four months of this year.

Amid the current global economic slowdown, the Vietnamese government on May 19 asked the National Assembly to agree to reduce this year’s economic growth target to around five percent from the previous goal of 6.5 percent.

The World Bank has estimated 5.5 percent economic growth for Vietnam in 2009 and the International Monetary Fund predicts 3.5 percent growth.

VietNamNet/VOV, SGGP