The CPI was up 2.96% in the second quarter, and 3.37% in June alone, compared to the same periods last year.

GSO General Director Nguyen Thi Huong attributed the CPI hike to the increase in prices of essential consumer goods and services, materials for production and transportation costs.

According to the GSO, the world commodity market in the January – June period continued to witness many fluctuations and was influenced by economic and political factors.

The global economic recovery, the increasing demand for raw materials and fuel for production, and the disruption in supply chains are main reasons behind the sharp surge of commodity prices on the international market.

The GSO said prices of petrol and gas in the second quarter increased by 54.92% and 30.99% over the same period last year, causing the overall CPI to rise by 1.98 and 0.45 percentage points, respectively.

Meanwhile, prices of pork dropped 18.56% percent year-on-year, causing the overall CPI to fall by 0.63 percentage point, it said.

The prices of education services and housing rental, which declined by 2.86% and 12.33%, respectively, also pushed the CPI down.

Source: VNA