Deputy Prime Minister requires that commodity prices must not rise unreasonably

Deputy PM demands no unreasonable commodity price increases

Deputy Prime Minister Nguyen Van Thang has ordered increased inspection and handling of unreasonable price hikes, especially for essential goods, amid an average CPI increase of 4.52% over nine months.

At the meeting of the Price Steering Committee on October 9, Deputy Prime Minister Nguyen Van Thang noted that there were times when input costs decreased but commodity and service prices did not fall correspondingly.

He ordered regulatory agencies to increase inspection of price declaration and posting practices, especially for essential goods, and to severely punish speculation, hoarding, and price manipulation. Businesses must promptly reduce selling prices when raw material input costs decline to protect consumer interests.

This directive comes as the average CPI for the first nine months increased 4.52% year-on-year, while core inflation rose 4.26%, according to the Ministry of Finance. Market prices increased in Q1, decreased in Q2, then rose again in Q3, affected by seasonal consumer demand, global fuel price fluctuations, and input costs.

Into Q4, inflationary pressures remain present due to risks from the energy market, supply chain disruptions, and year-end public investment and consumer demand. The Ministry of Finance has outlined two inflation scenarios for the year, at 4.5% or 4.8%. The State Bank forecasts an average increase of 4.5-5%, while international organizations project 4.2-5.5%.

Deputy Prime Minister Nguyen Van Thang at the Price Steering Committee meeting on October 9. Photo: VGP

Facing these pressures, Deputy Prime Minister Nguyen Van Thang has ordered ministries, sectors, and localities to closely monitor domestic and international developments to promptly implement inflation control measures. Prices of state-regulated commodities and services should be adjusted according to an appropriate roadmap, with thorough assessment of CPI impacts and support for production and business operations.

Supply must also be ensured to avoid creating additional price pressure. He ordered the Ministry of Industry and Trade to closely monitor the energy market, ensure adequate fuel supply, and prevent supply disruptions or hoarding for higher prices. For food and agricultural products, the Ministry of Agriculture and Environment needs to proactively ensure supply sources and limit localized shortages that cause price volatility.

The Ministry of Finance will continue implementing tax, fee exemptions, reductions, and extensions to reduce business costs and support the people. The State Bank will flexibly manage monetary policy in coordination with fiscal policy to limit the impact of imported inflation.

The healthcare sector will not increase examination and treatment fees during the final three months of the year to contribute to inflation control.

Previously, on October 3, Prime Minister Le Minh Hung ordered no electricity price increases, while directing the assurance of essential goods supply and increased inspection and handling of hoarding and speculation to stabilize price levels.

Beyond short-term solutions, the Deputy Prime Minister agreed with the Ministry of Finance's proposal to research and advise the Government to assign additional CPI control targets to localities starting in 2027.

Per the meeting's directives, localities with CPI increases above the national average need to analyze reasons and identify product groups driving price increases to implement appropriate management measures. Provinces and cities must also proactively stabilize the market and ensure goods supply during the storm and rainy season and the period when year-end consumer demand peaks.

Thi Ha