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Vietnam Inflation May 2024

Vietnam: Inflation holds stable in May

Inflation was stable at April’s 4.4% in May. The figure marked the joint-highest inflation rate since January 2023. Looking at the details of the release, prices for food and transport increased at a faster pace in May. Meanwhile, prices for housing and construction materials grew at a more subdued pace.

The trend pointed up mildly, with annual average inflation coming in at 3.5% in May (April: 3.3%).

Lastly, consumer prices rose 0.05% in May over the previous month, which was below April’s 0.07% increase.

Analysts at the EIU commented on the outlook:

“Consumer price inflation will accelerate to 3.9% in 2024, from an estimated 3.3% in 2023. Rising healthcare and education costs (the government has raised public university tuition fees from academic year 2023/24) will add to domestic inflation. […] A large inventory surplus of various crops will help to keep inflation below the central bank’s target of 4%. However, rising import costs and shipping delays linked to the ongoing Red Sea crisis will create the risk of consumer price inflation intermittently testing the upper limit of the [State Bank of Vietnam’s] 4-4.5% inflation target range.”

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