Ministry of Planning and Investment
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11-month CPI hits five-year record low
Tuesday, 30/11/2021 09:31
11-month CPI hits five-year record low

Vietnam’s Consumer Price Index (CPI) in November rose by 0.32% from October, prompting the 11-month CPI to expand by 1.84%, the lowest growth rate since 2016, the General Statistics Office (GSO) announced on November 29.

The CPI rise was attributed to surges in fuel and commodity as well as service prices, the GSO said when it unveiled major socio-economic indicators for November and 11 months of the year.

Petrol and gas prices have so far this year leapt by approximately one third and one fourth respectively, fuelling the 11-month CPI to go up 1.09% and 0.37%. 

Similarly, the increased prices of other commodities and services such as building materials, rice and tuition fees also drove up the overall CPI.

Calculating figures, the GSO said the 11-month core inflation inched up by 0.82% against the same period from last year, a record low figure since 2011.

November alone saw the core inflation grow by 0.11% from the previous month and 0.58% from a year ago.

Nguyen Bich Lam, former general director of the GSO, forecast that consumer demand for holidays, fuel prices as well as prices of other commodities such as rice and food are likely to edge up in December ahead of New Year holidays.

In addition, many families will have home repairs done in the last month of the year that could leading to the prices of construction materials to also increase.

Judging from these factors, the CPI is set to continue to increase in December that will raise the annual price figure to about 2%, much far lower than the 4% set target.

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