At present, there’s a rising price of rice due to growing demands on the Hanoi market and a 10-20% decrease in rice output in the summer-autumn crop.
Rice price is predicted to increase by 5%, especially the price of high-quality rice and sticky rice.
The price of chicken, pork and beef will also surge by 5-10% to meet the increasing demand of Hanoians during the nation’s largest festival.
Despite good weather and an abundant supply of crops, the price of vegetables is also expected to experience a sharp increase of 10-15%.
Current economic difficulties have led to a dramatic fall of 0.34% in food prices in December 2013 – the lowest level reached over the last decade.
The Hanoi Municipal Department for Industry and Trade forecast the consumer price index (CPI) in January 2014 will pick up by 1.1% compared to the previous month.
The Department is strictly monitoring the supply and demand of essential goods in the capital city to keep market prices stable during the Tet holiday. It will also operate trade centres and wholesale markets effectively to ensure supply-demand balance.