The increase in domestic gasoline prices is one of the reasons that pushed the consumer price index (CPI) in July up 0.48% compared to the previous month.

According to the General Statistics Office, the CPI in July increased by 0.48% compared to the previous month. Compared to December 2023, the CPI in July increased by 1.89% and compared to the same period last year, it increased by 4.36%. On average, in the first 7 months of 2024, the CPI increased by 4.12% compared to the same period last year.

In the 0.48% increase in CPI in July compared to the previous month, there were 10 groups of goods and services with increased price indexes. In particular, the post and telecommunications group had stable prices because businesses and establishments continued to implement promotional programs to stimulate shopping.

Core inflation in July increased by 0.36% over the previous month and by 2.61% over the same period last year.

On average, in the first 7 months of 2024, core inflation increased by 2.73% over the same period in 2023, lower than the average CPI (up 4.12%), mainly due to the prices of food, foodstuffs, electricity, education services, medical services and gasoline, which are factors affecting the increase in CPI but are excluded from the list of core inflation calculations.

The General Statistics Office explained that domestic gasoline prices increased following world prices, increased demand for household electricity, and health insurance premiums adjusted according to the new basic salary were the main reasons for the CPI in July 2024 to increase by 0.48% compared to the previous month.

In July, the gold price index decreased by 0.12% compared to the previous month; increased by 18.11% compared to December 2023; increased by 29.39% compared to the same period last year. On average, the gold price index increased by 24.77% over the 7 months.

The USD price index also increased by 0.05% compared to the previous month; increased by 4.22% compared to December 2023; increased by 7.14% compared to the same period last year. The average increase in the first 7 months of 2024 was 5.85%.