Vietnam Consumer Prices Hit 13-Year Low in October

Tuan Minh

11:33 24/10/2015

BizLIVE - Vietnam’s consumer price index (CPI) in October have risen 0.51% from December 2014, the smallest increase for the same period since 2002.

Vietnam Consumer Prices Hit 13-Year Low in October

Vendors sell produce at a market in Hanoi. (Photo: Bloomberg)

The country’s CPI, which gauges inflation, is estimated to have climbed 0.11% in October from a month earlier, after falling 0.21% month-on-month in September and 0.07% in July, according to data of the General Statistics Office.
The index was driven up by upward prices of seven out of 11 categories. Prices of restaurant and food services, the category that has the heaviest weight in the basket for CPI calculation, went up 0.19% month-on-month.
Food prices this month have been falling for the eighth month in a row as export prices have stayed low while the supply at home is stable.Meanwhile, prices of transportation services have slid 0.05% month-on-month after dropping 3.17% in September, as retail prices of gasoline were revised up on September 18 and October 3.
Prices of gold and the U.S. dollar, which are not included for CPI calculation, have declined 0.05% and 0.16% from September, respectively.
Prime Minister Nguyen Tan Dung said in a report on October 20 that Vietnam’s CPI is likely to stay at 2% this year, the lowest rate in the past 15 years, due to falls in commodity prices.