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Wednesday, July 17, 2024

Vietnam’s CPI rises 2.43% in May

The Saigon Times

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HCMC – The General Statistics Office has released data showing that Vietnam’s consumer price index (CPI) in May increased by 2.43% compared to the same period last year.

In May, the CPI inched up by 0.01% from April and 0.4% compared to December 2022, mainly driven by higher prices of food, electricity and running water.

The average CPI growth in the first five months of the year accelerated by 3.55% on a yearly basis.

Core inflation in May rose by 0.27% compared to April and 4.54% year-on-year. The average core inflation growth in the first five months of the year jumped to 4.83% compared to the same period in 2022.

Among the 11 groups of consumer goods and services included in the CPI calculation, eight groups experienced price increases.

Housing and construction materials recorded the highest rise of 1.01%, driven by rising electricity and water consumption and higher prices due to the hot weather.

Cultural-entertainment-tourism and food-catering services each increased by 0.24% month-on-month. The group of other goods and services rose by 0.23%.

The remaining groups, including household appliances and tools, drinks and tobacco, textile, footwear and hats, and medicaments and health services, saw price increases ranging from 0.04% to 0.16%.

Three other groups experienced a decline in prices. Transportation recorded the steepest drop with a fall of 2.98% due to lower domestic fuel prices, contributing to a 0.29 percentage point decrease in the CPI.

Lower prices of smartphone accessories led to a 0.17% decrease in the group of postal and communicational services. Education edged down by 0.1%.

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