Food prices rise for Tet Holiday                                    The prices of essential foods have been on the rise as Tet nears.   Hoarding goods before Tet Thanh Huong, a local in District 11, HCMC, said, "I went shopping early to avoid high prices as we come closer to the holiday, but the prices were still higher than they were two weeks ago, and going up every day." Banana prices have increased by 50% and pomelo by 10-20% as of late November. One trader who works out of Ba Chieu Market also said that it is difficult to keep prices stable. Even though the demand is picking up, the wholesalers stockpile goods to wait until prices are higher. Since many consumers loosen their purse strings during Tet, it allows traders to increase profits. The cost of sweets, beverages and other specialties will increase by an estimated 10-20% because of the rising price of transport and raw materials. Nguyen Phuong, an employee at ACB Bank, said, "Every year at this time the authorities assure us that they will be able to keep prices stable, but we watch them rise." Many traders in Hanoi have increased their prices even though consumption seems to be down this year. "Many people went shopping at this time last year, but now they are only asking about prices," said one trader in Dong Xa Market. Some other merchants said customers are not doing their normal early shopping because of the tough economic times, low wages and fewer bonuses. However, Ha Linh, a local who lives on Nguyen Bieu Street, said, "It's not the recession, many people have already stocked up dried food. Plus, people nowadays prefer supermarkets for fear of unhygienic foods." 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. Vietnamnet