Vietnam Inflation October 2020


Vietnam: Inflation drops in October

October 29, 2020

Consumer prices increased 0.09% over the previous month in October, coming in below the 0.12% increase recorded in September. Looking at the details of the release, higher prices for education, housing, and beverages and tobacco drove October’s month-on-month increase.

Inflation fell to 2.5% in October, below September’s 3.0%. October's reading marked the lowest inflation rate since May. Annual average inflation was unchanged at September's 3.8% in October.

Looking ahead, our panelists see inflation remaining moderate, although recent extreme weather could push up price pressures in the near term. The State Bank of Vietnam should have room to continue to adopt an accommodative monetary stance and cut rates further if required to support the economy.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.2% in 2021, which is unchanged from last month’s forecast. For 2022, the panel projects inflation to average 3.9%.


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Vietnam Inflation Chart

Vietnam Inflation October 20 20

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

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