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Vietnam Inflation July 2023

Vietnam: Inflation edges up in July

Inflation came in at 2.1% in July from June’s 2.0%. Looking at the details of the release, prices for transportation fell at a more moderate rate in July, while prices for food and education rose at a softer pace.

Annual average inflation edged down to 3.5% in July (June: 3.6%).

Finally, consumer prices increased by 0.45% over the previous month in July, picking up from June’s 0.27% rise. July’s uptick was the highest reading since January.

Inflation is projected to average around its current levels until Q2 2024, when it is set to pick up slightly but still remain below the Central Bank target of 4.5%. While the El Niño weather pattern poses an upside risk, the country’s large stocks of rice and other food products will likely limit its impact on prices.

On the outlook for H2, analysts at the EIU commented:

“Inflation will continue to ease [compared to Q2] further over the second half of 2023] […] as a higher base of comparison from the year-earlier […] comes into play.”

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