Six-month consumer price index exceeds the 4% mark

In its report unveiled on June 29, the GSO said the CPI for June edged up 0.17% compared to the previous months, raising the second quarter figure to 4.39% and the six-month figure to 4.08% year on year.

The GSO attributed to the six-month rise to a hike in tuition fees plus adjusted medical service prices in some centrally run provinces and cities. In addition, the increasing prices of housing - electricity, water - fuel and construction materials, and food and beverage services fuelled the overall CPI on rising consumer demand.

Notably, the six months saw the prices of food and catering services climb by 4% over the same period in 2023, causing the overall CPI to increase by 1.34%. Similarly, the prices of housing, electricity and water, fuel and construction materials increased by 5.5% over the same period last year, causing the overall CPI to inch up by 1.04%.

According to the GSO, in the first six months of this year, the world commodity market experienced strong fluctuations due to strategic competition between major countries, the ongoing military conflicts between Russia and Ukraine and in the Gaza Strip, and escalations in the Red Sea.

In addition, epidemics, climate change, and natural disasters, especially heat and drought due to the El Nino phenomenon, led to a potential risk of food insecurity in some countries and regions.