Vietnam Inflation March 2021

Vietnam

Vietnam: Inflation rises in March

March 29, 2021

Consumer prices fell 0.27% over the previous month in March, swinging from the 1.52% rise logged in February. March's result marked the first fall in prices since April 2020 and was primarily due to dropping prices for food.

Inflation came in at 1.2% in March, which was up from February’s 0.7%. Meanwhile, the trend pointed down, with annual average inflation coming in at 1.9% in March (February: 2.2%).

Looking ahead, our panelists see inflation averaging slightly lower this year than in 2020 and well below the State Bank of Vietnam’s 4.0% target. As such, the Bank 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 2.9% in 2021, which is down 0.1 percentage points from last month’s forecast. For 2022, the panel projects inflation to average 3.7%.


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Vietnam Inflation March 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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