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Vietnam CPI Tracker: October Update [data set]

Vietnam’s Consumer Price Index grew by just .33 percent in October over September. Overall CPI year-on-year remained mostly steady at 2.89 percent up from 2.63 percent in September. Core inflation, meanwhile, was hovering at 2.68 percent over October last year.

Vietnam CPI data,  October 2024 vs…

Base period 2019October 2023December 2023September 2024Jan-Oct 2024 vs 2023
Overall CPI16.652.892.520.333.78
Food and food services23.014.454.230.554.04
Food Group One (rice)34.438.233.970.7713.61
Food19.974.064.560.662.49
Eating outside the family26.023.813.540.194.01
Drinks and tobacco13.432.261.930.112.43
Garments, hats, shoes7.971.130.670.091.45
Housing and construction materials (*)21.484.213.700.115.22
Household equipment and appliances8.331.331.230.201.23
Medicines and medical services12.098.283.020.027.54
Medical services13.4910.583.659.60
Traffic7.17(3.25)(1.39)0.661.34
Post and Telecommunication-3.87(0.37)(0.29)(0.05)(1.11)
Education23.13(0.54)(1.35)0.486.68
Educational services24.06(0.77)(1.67)0.537.11
Culture, entertainment and tourism6.952.091.910.091.91
Other goods and services22.717.036.350.266.48

Source: General Office of Statistics


September

Vietnam’s Consumer Price Index slowed in September over August recording an increase of just 2.63 percent compared to August’s 3.45 percent. Overall CPI remained steady at 4.04 percent safely within the government’s target range for the year of between 4 and 4.5 percent. Core inflation, meanwhile, was hovering at 2.54 percent over September last year.

Vietnam CPI data,  September 2024 vs…

Base period 2019September 2023December 2023August 2024Jan-Sep 2024 vs 2023
Overall CPI16.272.632.180.283.88
Food and food services22.343.943.660.924.00
Food Group One (rice)33.418.373.180.7714.23
Food19.183.243.881.062.31
Eating outside the family25.793.843.340.654.03
Drinks and tobacco13.302.301.810.032.45
Garments, hats, shoes7.881.170.580.151.48
Housing and construction materials (*)21.344.373.590.525.33
Household equipment and appliances8.121.171.030.141.22
Medicines and medical services12.078.282.990.057.46
Medical services13.4910.583.650.009.49
Traffic6.46(5.33)(2.03)(2.77)1.87
Post and Telecommunication(3.82)(0.42)(0.23)0.09(1.19)
Education22.541.21(1.82)2.097.51
Educational services23.401.21(2.19)2.338.02
Culture, entertainment and tourism6.862.031.82(0.24)1.89
Other goods and services22.396.986.080.246.42

Source: General Statistics Office


August

Vietnam’s Consumer Price Index slowed in August over July recording an increase of 3.45 percent compared to July’s 4.27 percent. Overall CPI fel too, clockin growth of just 3.88 percent as opposed to 4.04 percent in August. Of note, this places CPI outside the government’s target range for the year of between 4 and 4.5 percent. Core inflation, meanwhile, saw an increase of 32.71 percent.

Vietnam CPI data,  August 2024 vs…

Base period 2019August 2023December 2023July 2024Jan-Aug 2024 vs 2023
Overall CPI15.943.451.890.004.04
Food and food services21.223.742.710.274.00
– Food Group One (rice)32.3910.972.390.1914.98
– Food17.932.552.790.282.20
– Eating outside the family24.973.722.670.264.06
Drinks and tobacco13.272.391.790.152.47
Garments, hats, shoes7.721.200.430.051.52
Housing and construction materials (*)20.715.003.050.295.46
Household equipment and appliances7.961.140.890.091.23
Medicines and medical services12.018.302.940.187.35
– Medical services13.4910.633.650.219.35
Traffic9.49(1.46)0.76(1.98)2.80
Post and Telecommunication(3.90)(0.74)(0.32)0.15(1.28)
Education20.037.13(3.83)0.148.33
– Educational services20.607.80(4.41)0.138.91
Culture, entertainment and tourism7.112.322.060.121.87
Other goods and services22.096.915.820.206.35

Source: Vietnam General Office of Statistics

July

Vietnam’s Consumer Price Index was up in July to 4.36 percent, an increase of .02 percent over June’s 4.34 percent. This is still relatively high in the context of an inflation target for the year of between 4 and 4.5 percent. The biggest gains were in food, medical services, and educational services; with only post and telecommunications recording a decline.

Vietnam CPI data,  July 2024 vs…

July 2023December 2023June 2024Baseline 2019
Jan-Jul 2024 vs 2023
Food and food services4.272.440.2620.904.04
– Food Group One (rice)14.392.19(0.03)32.1315.57
– Food2.752.500.3117.602.15
– Eating outside the family3.942.410.2524.654.11
Drinks and tobacco2.521.640.1113.102.48
Garments, hats, shoes1.340.370.037.661.57
Housing and construction materials (*)5.592.750.5020.375.52
Household equipment and appliances1.150.800.077.871.24
Medicines and medical services8.132.750.1311.817.22
– Medical services10.413.430.1413.269.17
– Traffic4.402.791.4511.703.43
Post and Telecommunication(1.06)(0.47)0.00(4.05)(1.36)
Education8.00(3.97)0.0219.868.50
– Educational services8.54(4.54)0.0020.449.07
Culture, entertainment and tourism2.291.940.146.991.81
Other goods and services6.935.613.7721.856.27
Overall CPI4.361.890.4815.944.12

* Includes housing rent, electricity, water, fuel and construction materials.

Source: General Office of Statistics


June 2024

Vietnam’s Consumer Price Index fell in June to 4.34 percent, a decline of .1 percent over May. It is still, however, high in the context of an inflation target for the year of between 4 and 4.5 percent. The biggest gains were in food, medical services, and educational services; with only post and telecommunications recording a decline.

Vietnam CPI data,  June 2024

JuneMayMay vs JuneJan-Jun 2024 vs 2023Vs Baseline 2019
Overall CPI4.344.440.174.0815.39
Food and food services4.664.470.754.0020.58
– Food Group One (rice)14.7814.830.0515.7632.17
– Food3.232.871.072.0517.23
– Eating outside the family4.094.250.264.1324.34
Drinks and tobacco2.632.610.172.4712.97
Garments, hats, shoes1.481.70(0.11)1.607.62
Housing and construction materials (*)5.605.300.355.5119.77
Household equipment and appliances1.231.330.091.267.79
Medicines and medical services8.047.410.607.0711.66
– Medical services10.289.460.768.9713.10
– Traffic3.035.58(2.27)3.2710.11
Post and Telecommunication(1.18)(1.42)0.02(1.41)(4.05)
Education8.018.14(0.01)8.5819.84
– Educational services8.558.660.009.1520.43
Culture, entertainment and tourism2.352.010.681.726.84
Other goods and services5.976.190.056.1617.42

* Includes housing rent, electricity, water, fuel and construction materials.

Source: General Office of Statistics


May

Consumer prices are rising in Vietnam with the consumer price index reaching 4.44 percent in May compared to May of last year, according to data from Vietnam’s General Office of Statistics–the GSO. The GSO has attributed the price increase to an increase in pork prices on the back of limited supply due to African Swine Fever, and increased electricity prices on the back of warmer weather.

Of note, inflation has been relatively low in Vietnam compared to other parts of the world but this is largely due to government price controls. These lower prices, however, have come at a cost. Input prices, have risen for a lot of firms, however, many have been unable to raise their retail prices to compensate. As a result, many have seen their profit margins squeezed while others have had to run at a loss.

As is often the case in Vietnam, targets set under one set of economic conditions  have not been adjusted for current economic conditions.

Vietnam CPI data,  May 2024

Baseline 2019 Vs May 2024May 2023 vs May 2024December 2023 vs May 2024April 2024 vs May 2024Jan-May 2024 vs Jan-May 2024
Overall CPI15.204.441.240.054.03
Food and food services19.694.471.420.383.87
– Food Group One (rice)32.1014.832.17(0.26)15.96
– Food15.992.871.090.591.81
– Eating outside the family24.024.251.890.144.14
Drinks and tobacco12.782.611.340.142.44
Garments, hats, shoes7.741.700.450.001.63
Housing and construction materials (*)19.355.301.890.385.49
Household equipment and appliances7.691.330.630.121.27
Medicines and medical services10.997.412.000.016.87
– Medical services12.259.462.510.008.71
Traffic12.665.583.67(1.73)3.32
Post and Telecommunication(4.07)(1.42)(0.49)(0.09)(1.46)
Education19.858.14(3.98)(0.25)8.70
– Educational services20.438.66(4.54)(0.30)9.28
Culture, entertainment and tourism6.122.011.110.311.60
Other goods and services17.376.191.720.206.20

Source: General Office of Statistics