Based on the target of controlling inflation at 4.5% in all of 2023, the Ministry of Finance outlined two scenarios for inflation throughout the year during a meeting on price management held on October 11.

In the first scenario, the average CPI in 2023 is expected to increase by 3.2% compared to 2022, while the second scenario projects a 3.6% increase.

Concurrently, the General Statistics Office has predicted that the 2023 CPI would edge up in the range of 3.3% to 3.6%.

The ministry noted that Vietnam is currently in a favorable position to adjust the prices of certain commodities managed by the State. However, further efforts and active involvement from relevant agencies are required to achieve the goal of controlling inflation in 2023.

In the fourth quarter of 2023, relevant departments, agencies, and localities should proactively review and assess strategies to minimize adverse effects resulting from price adjustments of essential goods for low-income individuals and vulnerable groups.

Local authorities are encouraged to exercise proactive control and monitoring of market supply and demand to manage prices effectively for essential commodities, ensuring a stable supply for the 2024 Lunar New Year.

Source: Saigon Times