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Vietnam Inflation January 2023

Vietnam: Inflation hits over two-year high in January

Inflation came in at 4.9% in January, which was up from December’s 4.5%. January’s result was the highest inflation rate since February 2020. The result was primarily driven by rising price pressures for food and transportation. That said, price pressures for housing fell slightly.

Annual average inflation edged up to 3.4% in January (December: 3.2%).

Finally, consumer prices rose 0.52% over the previous month in January, contrasting the 0.01% fall recorded in December. January’s result was the highest reading since June 2022.

Giving their view on the outlook, analysts at the EIU commented:

“We expect a notable deceleration to occur in the second half of the year with declining global energy prices being the main driver. A trend of declining pork prices from peaks recorded in previous years will also help to limit food price inflation in 2023.”

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