Vietnam Inflation December 2020

Vietnam

Vietnam: Inflation falls to over five-year low in December

December 27, 2020

Consumer prices rose 0.10% from the previous month in December, contrasting the 0.01% fall logged in November. Looking at the details of the release, the reading was driven by rising prices for transportation.

Inflation eased to 0.2% in December, below November’s 1.5%. December's reading represented the lowest inflation rate since October 2015 and the fifth month in a row of falling inflation. Consequently, annual average inflation fell to 3.2% in December from 3.7% in November.

Looking ahead, our panelists see inflation picking up somewhat from the current low level. Nevertheless, 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 3.1 % in 2021, which is unchanged from last month’s forecast. For 2022, the panel projects inflation to average 3.7%.


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Vietnam Inflation December 20 20 0

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


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