Vietnam: Inflation surges in November but remains on target
November 29, 2019
According to the General Statistics Office of Vietnam, consumer prices rose 0.96% in November over the prior month, up from October’s 0.59% rise. November’s reading came on the back of higher pork prices due to the impact of African swine fever on herd numbers.
Inflation surged from 2.2% in October to 3.5% in November amid a sharp rise in food price inflation. This marked the highest reading since December 2018 but was still in line with the government’s target of below 4.0% inflation. Core inflation increased from 2.0% to 2.2%.
Inflation is seen averaging close to its current level next year, supported by strong economic activity and a higher minimum wage.
Author: Oliver Reynolds, Economist