Vietnam Inflation January 2020

Vietnam

Vietnam: Inflation reaches multi-year high in January

January 29, 2020

According to the General Statistics Office of Vietnam, consumer prices rose 1.23% in January over the prior month, down from December’s 1.40% increase. January’s figure was driven by markedly higher food prices, likely linked to both African swine fever hitting the pig population and Lunar New Year celebrations boosting demand.

Inflation increased from 5.2% in December to 6.4% in January, the highest rate in over six years, while core inflation increased from 2.8% to 3.3%.

Inflation should fall as the year progresses, as temporary factors which have fanned inflation recently fade. However, strong domestic demand will continue to provide upward pressure.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.6% in 2020, which is up 0.3 percentage points from last month’s forecast. For 2021, the panel projects inflation to average 3.5%.


Author:, Economist

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Vietnam Inflation January 20 20

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


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