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Vietnam Inflation May 2023

Vietnam: Inflation falls to over one-year low in May

Inflation came in at 2.4% in May, down from April’s 2.8%. May’s reading represented the lowest inflation rate since March 2022. The decline in price pressures was largely due a stronger decline in transport prices. That said, price pressures for housing rose.

Annual average inflation was unchanged at April’s 3.7% in May.

Finally, consumer prices increased 0.01% in May over the previous month, contrasting the 0.34% fall logged in April.

On the outlook, analysts at the EIU commented:

“Inflation will ease more rapidly over the second half of 2023 as declining global energy prices translate into easing cost-push pressures across a range of goods and services, while a higher base of comparison from the year-earlier period will also come into play. A strong El Niño weather phenomenon, bringing hot and dry weather, could add upside pressure on inflation via disruption of food supply later in the year, but to a limited degree because of high rice stocks and surpluses of a range of other crops.”

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