After Tet, many goods are in the race of price hike, owing to impacts on price hike of petrol, foreign currency, electricity, coal, gas…

Prices on the rise

According to small traders, price hike of fresh food remain existent, owing to impacts on electric and petrol price increase.

Prices at outdoor markets are out of control.

Prices of processed foods such as instant noodle, cooking oil… are surging slightly. Meanwhile, prices of fresh vegetables of tomato, bitter melon are at VND8,000-12,000 per kg. Cattle and poultry products and seafood are priced at VND180,000-300,000 per kg.

70% of suppliers announce price hike

On March 1, prices at some local supermarkets were listed new price levels. The supermarket received announcement of price hike from suppliers. Foodstuff, confectionery, milk, cosmetics, household utensils… are items with the first price hike.

According to Co.op Mart Binh Duong director Vo Huu Thach, right in the first days of first lunar month, the mart received announcement of price hike at 5-10% from 70% of suppliers.

Similarly, Citimart Binh Duong manager Duong Tra Bao Hung, said over the past 2 weeks prices of some items at the mart increased over 10%. This mart has received an offer of price hike from over 50% of suppliers. Hung added this mart has made greater efforts to negotiate with suppliers to offer best selling prices for customers.

Explaining the price hike, Thach said that there are 2 factors impacting on prices. They include exchange rate between VND and US dollar, fluctuation of gold and input material prices. Besides, psychological factor also influences on inflation.

The program of price stability before, during and after Te ended whilst support policies of interest rates to stabilize essential items also paused. At present, outdoor markets have offered about 60% of foodstuff for customers. The markets-based small traders often surge selling prices randomly.

Therefore, without close management, prices of items will be in the race of price hike. Price movement will become complicated in the coming time, functional agencies should spur inspections and settlements to ensure customers’ rights and interests.

Reported by T.Huynh – Translated by A.C