Hanoi (VNA) – There will be no big changes in market prices in theremaining months of this year, price management officials said at a conferenceon market price developments in the first half and forecasts for the whole yearin Hanoi on July 3.

The Department of Price Management under the FinanceMinistry said that ministries, sectors and localities are actively takingmeasures to stabilise the market, especially during festivals or when there areabnormal developments in the market.

According to the department, all factors behind priceincreases in recent months originated from the market and none came from theGovernment’s pricing policy.

Statistics of the General Statistics Office show that theconsumer price index (CPI) in the first half of this year posted an averagemonthly growth of 0.37 percent. Year-on-year inflation rate in the period roseto 4.67 percent, compared to 2.65 percent recorded at the beginning of theyear.

Nguyen Duc Do, deputy head of the Institute ofEconomics-Finance, said that the increase was foreseen in late 2017. Heexplained that pork price saw a dramatic fall in the first six months of 2017,but rose towards the year’s end into 2018. In addition, increases in petrolprices and adjustment of health service prices in the first quarter of 2018also contributed to pushing the CPI up.

Regarding whether inflation will continue to rise and the goalof curbing inflation below 4 percent this year can be met or not, Do said thatinflation is likely to peak in July and then decrease gradually to below 4percent, even to under 3 percent, in the last months of 2018.

He explained that the Government has already adjusted pricesof health services in late 2017, so if health service prices are kept unchangedin the second half of this year, the inflation rate will not rise much.

Not as optimistic as Do, economist Ngo Tri Long said thathigh inflation in the first half of 2018 and the price adjustment of variouscommodities managed by the State will put pressure on efforts to keep averageCPI below 4 percent this year.

The pressure will even increase in the second half of thisyear as the prices of crude oil and goods on the world market and the foreignexchange rate are on a rising trend, Long added.

Nguyen Loc An, deputy head of the Domestic Market Departmentunder the Ministry of Industry and Trade, stressed the need to keep a closewatch on market developments of necessities and quickly respond to any abnormalchanges in the market.

It is essential to boost consumption of garment and textileproducts and home appliances through more promotional programmes, An stated.

Meanwhile, Long emphasised the importance to balance supplyand demand of major products such as petrol, food, and pork, and use the pricestabilisation fund in an appropriate manner for such commodities.-VNA