DoPM Deputy Director General Nguyen Anh Tuan says high inflation is likely to return as many countries have loosened their monetary policies or used stimulus packages to boost growth.

There are also additional factors such as natural disasters, spreading epidemics, and the general trend to raise prices at the end of the year, he notes.

Tuan insists that ministries, agencies and local administrations should fully implement Government’s Resolutions 1 and 13 by strictly inspecting, monitoring and regulating of prices, taxes and fees applied to essential products, he says.

Tuan proposes intensifying measures to prevent trade frauds, unreasonable pricing, and secret smuggling of cigarettes, oil, gas, and transfer minerals across the border.

All violations should be strictly dealt with within the law.

The Finance Ministry suggests there’d be no more adjustment in the prices of goods and services such as medical check-up and treatment, tuition, water supply, and public transport.

Although the consumer price index (CPI) slowed down in October, the Department of Price Management (DoPM) under the Ministry of Finance (MoF) is still worried about a possible price hike in a number of essential goods and services in the remaining months of the year.

It says other relevant ministries and agencies are also engaged in developing a roadmap for price stabilization based on careful consideration of its effects on production and people’s living conditions.

So, the ministries says, any adjustments should be reported to the authorities in advance.

According to Tuan, the MoF and the Ministry of Industry and Trade will continue to manage petrol and oil prices in line with the Government’s decree No. 84/ND-CP, for the benefit of the State, businesses and consumers.

With the approval of flexible tax policies as well as price stabilization funds, the two ministries will focus on inspecting the importation and distribution of petrol and oil to avoid speculation, which would make the market unstable.

The MoF also proposes tightening controls over the production and price gauging of essential goods by business through their registration and listing.

It is coordinating with other ministries and agencies to stock up with goods for Lunar New Year holidays, in order to ensure a good balance between supply and demand.

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