Ensure flexibility, proactivity in price management to control inflation

Products for Tết on display at a supermarket in Vinh City, Nghệ An Province. As Tết (Lunar New Year) holidays are coming near, the management must be enhanced to ensure adequate supply of goods and services as well as stabilising prices. — VNA/VNS Photo Bích Huệ

Deputy Prime Minister Lê Minh Khái has asked for price management to be implemented in a flexible and proactive manner to control inflation within the target set by the National Assembly.

Khái said at the conference to implement 2024 price management tasks on Tuesday that the National Assembly’s Resolution on socio-economic development plan in 2024 continue to put priority on promoting growth associated with consolidating macroeconomic stability, controlling inflation, and ensuring major balances of the economy.

Accordingly, the target for gross domestic product (GDP) growth rate is set at 6-6.5 per cent and consumer price index (CPI) at 4-4.5 per cent.

Noting that minimum wage is increasing from the beginning of July coupled with a higher credit growth target and unpredictable factors which might cause fluctuation in prices of some necessary goods such as petrol and oil, and food, Khái said that the accuracy of the forecast must be enhanced to develop prompt responses.

As Tết (Lunar New Year) holidays are coming near, Khái urges the management to be enhanced to ensure adequate supply of goods and services as well as stabilising prices.

A roadmap must be developed for adjustments in prices of State-managed goods and services, including healthcare, education and petrol and oil, he said.

Stressing flexibility and proactivity in price management for the entire 2024, Khái asked relevant ministries, agencies and localities to ensure adequate supply, prevent any possible disruptions and have timely measures to deal with unusual developments in prices or supply.

Khái asked the Ministry of Finance to coordinate with relevant ministries and agencies to issue documents guiding the implementation of the Law on Price to wipe out legal gaps.

According to the Ministry of Finance’s report, CPI rose 3.25 per cent in 2023, within the National Assembly’s target. Core inflation rose by 4.16 per cent.

As difficulties are predicted to persist, including adverse external factors and internal problems, this year, Deputy Minister of Finance Lê Tấn Cận said that besides measures to control inflation, it is necessary to strengthen support to production and business to overcome the difficult time.

The adjustments in prices of State-managed goods and services must be appropriate in terms of levels and points of time.

The Price Management Steering Committee raised 3 inflation scenarios with average CPI forecasts to increase by 3.52 per cent, 4.03 per cent and 4.5 per cent.