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Vietnam’s consumer price index hits 4.44 percent in May [data set]

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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.

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

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