Vietnam Inflation February 2021

Vietnam

Vietnam: Inflation returns in February

February 26, 2021

Consumer prices rose 1.52% from the previous month in February, following January's 0.06% increase. February's result marked the sharpest increase in prices since September 2012. The result was driven by a sharp increase in utilities prices following the end of electricity subsides this month.

Inflation came in at 0.7% in February, contrasting January’s 1.0% drop in consumer prices. Meanwhile, the trend pointed down, with annual average inflation coming in at 2.2% in February (January: 2.6%).

Looking ahead, our panelists see inflation averaging slightly lower this year than in 2020. As such, the State Bank of Vietnam should continue to have room to adopt an accommodative monetary stance and cut rates further if required to support the economy.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.0% in 2021, which is unchanged from last month’s forecast. For 2022, the panel projects inflation to average 3.7%.


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Vietnam Inflation February 2021

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


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