Vietnam May Inflation Hits 5-year High

Tuan Minh

15:38 24/05/2016

BizLIVE - Vietnam’s consumer prices in May hit the highest level for the same month in the past five years, according to official data.

Vietnam May Inflation Hits 5-year High

Vietnam's CPI increased 0.54% in May from April.

Vietnam’s consumer price index (CPI), a measure of inflation in the country, in May increased 0.54% from April and 2.28% from a year earlier, the General Statistics Office (GSO) said in a report Tuesday.
This is the sharpest month-on-month growth for May in the past five years, according to data of the Vietnam Economics Times.
The rise in the cost of living in May has stocked concerns about the return of inflation in Vietnam this year amid the rebound of oil prices in the global market, an economist told BizLIVE.
Among the 11 goods and service categories used for the calculation of CPI, transportation prices increased the most, by 2.39% from April, driven by consecutive hikes in fuel prices. The housing and construction material category recorded the second fastest growth pace in the month, by 0.88% month-on-month.
Prices of restaurant and catering services, which account for the biggest proportion of the basket for CPI calculation, increased 0.36% from April. Of this group, food prices rose 0.68%, the fifth consecutive monthly increase, due to the drought and saline intrusion in the Mekong Delta.