should be no major concern about consumer prices as it is unlikely that
inflation will reach double digits this year, says an official of the national
financial advisory body.
would be around 8-9 percent this year or somewhere near the government's target
of 7 percent, said Le Duc Thuy, Chairman of the National Financial Supervisory
prices rose 8.46 percent in February from a year earlier after gaining 7.62
percent in January, according to figures from the General Statistics Office in
first two months alone, inflation increased 3.35 percent and the Ministry of
Finance said the hike was on par with the corresponding figures from 2003 to
increase in the first two months will account for 40-50 percent of the annual
increase this year," Thuy said at a government meeting in Hanoi Wednesday.
"We need to
be vigilant, but there's no need to worry too much about consumer prices in the
first two months of 2010," he said.
Inflationary pressures tend to ease after the Tet Lunar New Year holiday,
which this year fell in February. But Thuy said consumer prices could increase
more than usual this March due to hikes in fuel and power prices and the recent
dong devaluation of more than 3 percent.
inflation in the first quarter of the year would only be around 4 percent, he
government plans to keep both money supply and credit growth this year at around
the target can be achieved easily and the government should not try too hard to
tighten monetary policies.
to be regulated but if credit is controlled more than it should be, businesses
will face difficulties, he warned.