Vietnam Inflation January 2021


Vietnam: Inflation falls to near-twenty-year low in January

January 29, 2021

Consumer prices rose 0.06% from the previous month in January, following the 0.10% increase recorded in December. Looking at the details of the release, the reading was driven by rising prices for transportation.

On an annual basis, consumer prices fell 1.0% in January, contrasting December’s 0.2% rise. January's reading represented the first fall in prices since November 2001, and the largest drop since April 2001. Consequently, annual average inflation fell to 2.6% in January from 3.2% in December.

Looking ahead, our panelists see inflation averaging slightly lower this year than in 2020. As such, the State Bank of Vietnam should continue to have room to adopt an accommodative monetary stance and cut rates further if required to support the economy.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.0% in 2021, which is down 0.1 percentage points from last month’s forecast. For 2022, the panel projects inflation to average 3.6%.


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Vietnam Inflation Chart

Vietnam Inflation January 2021

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

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