Vietnam Inflation May 2020


Vietnam: Inflation drops to lowest level since October in May

May 29, 2020

Consumer prices dropped 0.03% over the prior month in May, a smaller fall than April's 1.54% drop. Looking at the details of the release, food prices increased in May, while price pressures for transportation dropped at a less pronounced pace.

Inflation came in at 2.4% in May, below April’s 2.9%. May's reading was the lowest inflation rate since October 2019. Annual average inflation remained at April's 3.5% in May.

Looking ahead, our panelists see inflation remaining under control due to mild growth and low fuel prices, which should provide room for the State Bank of Vietnam to continue to adopt an accommodative monetary stance.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.4% in 2020, which is down 0.1 percentage points from last month’s forecast. For 2021, the panel projects inflation to average 3.2%.


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Vietnam Inflation Chart

Vietnam Inflation May 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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