HCMC – Vietnam’s consumer price index (CPI) picked up by 3.69% in the first 11 months of 2024 compared to the same period last year, according to the General Statistics Office.
Core inflation, which excludes highly volatile items like food and energy, rose by 2.7% year-on-year.
In November, the CPI edged up by 0.13% from the previous month, primarily driven by higher costs for electricity, housing, and construction materials. Prices were 2.65% higher than in December 2023 and 2.77% above November 2023.
Among the 11 main groups of goods and services factored into the CPI for November, eight recorded price increases. Housing, utilities, beverages, and clothing were the key contributors, while transport, food services, and telecommunications saw price declines.
Retail sales and consumer service revenues in November were estimated at VND562 trillion, up by 8.8% year-on-year. In the first 11 months, total retail sales amounted to VND5,800 trillion, an 8.8% increase.
Retail revenue from goods grew by 8.1% to VND4,480 trillion, with food and beverages rising 10.8% and household goods increasing 5.9%. Lodging and dining services expanded by 13% to VND669 trillion, led by Khanh Hoa Province, Haiphong City, and Can Tho City.
Industrial production also showed strong performance. The index of industrial production (IIP) in November increased by 2.3% from the previous month and 8.9% year-on-year. Over the first 11 months, the IIP edged up by 8.4%, significantly outpacing the 0.9% growth recorded in 2023.
The processing and manufacturing sector expanded by 9.7%, contributing 8.5 percentage points to overall IIP growth. Other sectors also showed notable gains, with electricity production rising 10.2% and water supply increasing 9.6%.
Several key industries posted double-digit growth, including rubber and plastic production (25.6%), wood products (24.7%), and automobile manufacturing (18.3%).
