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Vietnam Inflation February 2020

Vietnam: Inflation pulls back in February but remains elevated

Consumer prices fell 0.17% month-on-month in February, contrasting January’s 1.23% increase, driven by lower demand following January’s Lunar New Year celebrations.

Inflation declined from 6.4% in January to 5.4% in February, but was still one of the highest rates observed in recent years, likely influenced by the impact of African swine fever on pork prices. Core inflation fell from 3.3% to 2.9%.

Inflation should fall as the year progresses, as temporary factors which have fanned inflation recently fade. The impact of coronavirus on inflation will be complex; while virus-induced supply disruptions could fan price pressures, weaker demand as a result of the outbreak will exert downward pressure on prices.

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