Hello. This is the Economics report from English 123.
The Price Management Department under the Ministry of Finance forecasts that the Consumer Price Index (CPI) in January will fluctuate slightly and see a minor reduction.
January is the month before Tet holiday, so prices in the local market are affected by factors such as production demand, processing and consumption of goods for the Tet festival. Questions of solvency for those with purchasing power will also affect the market.
The department said there will be some positive factors supporting the stability of the local market and price increases will be controlled, including a slight decrease in prices of essential goods and materials in the global market.
In the domestic market, ministries, provinces, cities and enterprises will collaborate in preparation for Tet and implement price stabilization and market inspection, in accordance with the Prime Minister's directions.
These enterprises will also launch trade promotions and discount programs during the last month of the lunar year to reduce the chances of price increases in the market.
Purchasing power has not seen strong recovery, but the reduction in petrol and energy prices will help enterprises cut input costs, resulting in the prices of goods and services dropping.
According to the department, rice and food prices could increase and benefit production and consumption during the Tet festival but the price will not rise too much due to stable supply.
I am Nick Veinot. We will be back with more news from English 123.