Sunday , May 26 2024

Four-month inflation doubles

Rising goods and service prices upped Vietnam’s Consumer Price Index (CPI) in the first four months by 2.1 percent, compared to 0.89 percent over the same period last year.

CPI in April alone rose 0.18 percent from March, with eight out of 11 goods and service categories increasing, according to General Statistics Office.

The culture, entertainment and tourism category rose by the largest amount at 1.16 percent after the country resumed international tourism.

Education rose by 1.07 percent as some localities charged higher tuition fees after a period of Covid-19 discounts.

Housing and construction materials rose by 0.58 percent as material price tags increased.

The three declining categories include food and drinks, telecommunications and transport. The GSO explained that declining oil prices between March and April caused transport prices to drop by 0.59 percent.

The International Monetary Fund (IMF) has recently warned that Vietnam’s inflation could reach 3.9 percent by the end of the year, close to the country’s control target.

“The near-term outlook is fraught with significant risks,” said Era Dabla-Norris, IMF mission chief to Vietnam and division chief in the Asia and Pacific Department.

Standard Chartered Bank expects inflation of 4.2 percent this year and 5.5 percent next year.

Several economists have also said that it would be difficult to keep inflation to the targeted 4 percent rate due to higher prices, especially of gasoline, caused by Russia’s attack on Ukraine.

Vietnams’ inflation was 1.8 percent last year, the lowest rate in six years.

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