Vietnam Inflation October 2022

Vietnam

Vietnam: Inflation hits over two-year high in October

October 29, 2022

Inflation came in at 4.3% in October, which was up from September’s 3.9%. October's reading represented the highest inflation rate since March 2020. The upturn was driven by higher price pressures for food, housing and education. That said, transportation prices rose at a slower pace.

The trend pointed up slightly, with annual average inflation coming in at 2.7% in October (September: 2.5%).

Finally, consumer prices increased 0.15% in October over the previous month, which was below September's 0.40% increase.

On the outlook, EIU analysts commented:

“The government will continue to implement fiscal measures in 2023, such as fuel tax cuts introduced in 2022, to reduce the impact of higher commodity prices on inflation. However, the rate of inflation will remain elevated even as food and energy prices begin to ease, owing to the rapid increase in prices in the second half of 2022. We forecast annual consumer price inflation to average 3.3% in 2023, moderating slightly from an estimated 3.5% in 2022.”

The Consensus is for inflation to average 3.7% in 2023, which is down 0.1 percentage points from last month’s forecast, and 3.5% in 2024.


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Vietnam Inflation October 2022

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


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