Vietnam Inflation November 2021


Vietnam: Inflation rises in November

November 29, 2021

Consumer prices rose 0.32% over the previous month in November, contrasting October's 0.20% fall. November's figure was the highest reading since July. The rebound in price pressures was primarily driven by a more moderate drop in prices for food. In addition, price pressures for transportation increased at a stronger rate.

Inflation came in at 2.1% in November, up from October’s 1.8%. Annual average inflation was unchanged at October's 1.7% in November.

With a projected pickup in domestic demand penciled in for 2022, inflationary pressures should rise in turn, as consumer spending accelerates and fiscal stimulus remains robust. On the other hand, with the dong set to strengthen slightly in 2022 and monetary policy estimated to tighten throughout the year, price pressures should remain in check, with our panelists forecasting inflation to average below the government’s 4.0% target. The recent outbreaks in Covid-19 cases cloud the inflation outlook considerably, however.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.1% in 2022, which is down 0.1 percentage points from last month’s forecast. For 2023, the panel projects inflation to average 3.4%.


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Vietnam Inflation Chart

Vietnam Inflation November 2021 0

Note: Annual and monthly variation of consumer prices index in %.
Source: General Statistics Office of Vietnam (GSO) and FocusEconomics calculations.

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