Vietnam's CPI forecast to rise 0.8%-1% this month mostly because of pork price

Pork prices has increased by nearly 19% from a year ago.

Price of live hogs in Northern provinces of Lao Cai and Hung Yen is reported at between $3 – $3.36 per kilogram.

In Central and Southern regions, the price is about $3 - $3.23 per kilogram, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said during Monday meeting chaired by Deputy Prime Minister Vuong Dinh Hue.

The price could be higher since pork demand in the final quarter of 2019 is seen at over 600,000 tons while total supply from the total pig herd and import could be over 400,000 tons. The country is expected to face a pork shortage of over 200,000 tons in the remaining months of the year.

The shortage could lead fourth quarter CPI to increase by 0.5-0.7%, bringing the average CPI in 2019 to 3% from a year ago.

“The government affirms that inflation will be under control of  3.3-3.9% despite the increase in gasoline prices and pork prices, ” said Deputy Prime Minister Vuong Dinh Hue.

Regarding the shortage of domestic pork supply, the deputy prime minister asked the ministry to quickly propose solutions to meet the increasing demands, especially during the Lunar New Year. 

► Vietnam pork prices hit five-year high towards nearly $9 a kilo