Vietnam Inflation November 2020

Vietnam

Vietnam: Inflation drops to lowest level since February 2016 in November

November 29, 2020

Consumer prices fell 0.01% in November over the previous month, contrasting October's 0.09% rise. November's result marked the sharpest fall in prices since May. Looking at the details of the release, prices for food decreased at a weaker pace in November. However, prices for transportation fell at a quicker rate.

Inflation eased to 1.5% in November, from October’s 2.5%. November's result marked the lowest inflation rate since February 2016. Accordingly, the trend pointed down slightly, with annual average inflation coming in at 3.7% in November (October: 3.8%).

Looking ahead, our panelists see inflation remaining moderate. 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 3.1% in 2021, which is down 0.1 percentage points from last month’s forecast. For 2022, the panel projects inflation to average 3.8%.


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