Deputy PM Vuong Dinh Hue speaks at the meeting (photo: VGP)
According to the Deputy PM, the consumer price index (CPI) for June increased by 0.61% over the previous month, mainly attributed to a hike in the price of pork, was not extraordinary.
Moreover, the rise of 0.61% is within the forecast by the Steering Committee on Price Management, the Government official noted.
He affirmed that the CPI increase in June was driven by higher prices of pork and transport services, saying that excluding the short-term factor of pork prices, inflation in June was only 0.27%, the lowest level in many years.
Average CPI in the January-June period went up by 3.29% compared to the same period last year, putting pressure on the target of keeping the average CPI for 2018 below 4% as set by the National Assembly. It will be a big challenge for the Government, Hue noted.
However, the Government will take all necessary measures until the end of this year to restrict average inflation to below 4% to contribute to macro-economic stability, he affirmed.
At the meeting, the Deputy PM also asked the Ministry of Agriculture and Rural Development to put forth directions for the management of pork prices in the remaining months of the year.
It is also advisable to calculate the supply and demand of food and essential goods for the last six months of this year as about 10 typhoons are forecast to hit Vietnam during this period.
According to the Vietnam Leather, Footwear and Handbag Association (Lefaso), the country’s leather industry is enjoying good chances to benefit from the shift of orders from China as a result of the tendency of moving to the production of high-tech goods.