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Tuesday, June 25, 2024

Vietnam’s May CPI rises 4.44% y-o-y

The Saigon Times

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HCMC – Vietnam’s consumer price index (CPI) this month has increased by 0.05% compared to the previous month and 4.44% year-over-year, driven primarily by higher education and healthcare costs, according to the General Statistics Office (GSO).

Compared to the same period in 2023, prices in May only have risen in 10 out of the 11 categories of consumer goods and services used for CPI calculation, with only one category showing a decline.

The education category has seen the most significant increase, rising by 8.14% year-over-year and contributing 0.5 percentage point to the overall CPI pickup. Following closely were pharmaceuticals and healthcare services, with a 7.41% rise.

Other goods and services have also contributed to the uptick, with prices increasing by 6.19%, while prices in accommodation and construction materials have grown by 5.3%. Food-dining prices have soared by 4.47%, and transportation fees have climbed by 5.58%. The beverage-tobacco group has recorded an uptick of 2.61%, while culture-entertainment-tourism services have seen an increase of 2.01%.

The postal and telecommunications price index in May has decreased by 1.42% against the same period last year, due to a reduction in prices of older-generation phones.

Compared to the previous month, the CPI in May has inched up by 0.05%, with prices rising in seven groups and falling in three groups, while one group has remained stable.

The groups with increased prices include food-dining, beverage-tobacco, footwear, hats and textiles, accommodation and construction materials, equipment and household items, pharmaceuticals and healthcare services, culture-entertainment-tourism services, and other goods and services.

The three groups with decreased price indices compared to April are transportation, postal and telecommunications, and education.

Regarding the January-May period, the CPI has expanded by 4.03% against the same five-month period last year.

Data from the GSO showed that core inflation in May 2024 has edged up by 0.15% month-on-month and by 2.68% year-on-year. On average, in the first five months of 2024, core inflation has risen by 2.78% versus the year-ago period, lower than the average overall CPI expansion. This is primarily because food, fuel, education services, and healthcare services, which are factors that drive up the CPI, are excluded from the core inflation calculation.

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