PM vows to keep inflation under 4%

Prime Minister Nguyen Xuan Phuc chairs a meeting with the National Steering Committee on Price Management on July 1, 2020 - Photo: VGP/Quang Hieu

Speaking at the event, the PM referred to the report of the Ministry of Finance, which said the average Consumer Price Index (CPI) shrank from 6.54% to 4.19% in the first half of the year so the inflation rate of the year of under 4% is feasible. 

The Government leader required continuing to curb inflation to stabilize the macro-economy, create stability and favorability for attracting investment, enhancing production and manufacturing and consolidating belief of enterprises and people in the second half of 2020. 

It is necessary to be flexible in price management, he said, adding that the intervention in policy tools should not affect recovery and development of the economy. 

Controlling inflation does not mean tightening fiscal and monetary policies, Phuc said, asserting that price management policies must contribute to stabilizing and promoting promotion and stimulating growth.  

The Ministry of Industry and Trade, functional agencies and localities should keep a close eye on market developments, price, anti-smuggling and preventing trade fraud. 

By Thuy Dung