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Vietnam Inflation January 2022

Vietnam: Inflation rises in January

Consumer prices rose 0.19% in January over the previous month, swinging from December’s 0.18% drop. Looking at the details of the release, education prices rose in January after dropping in the previous month and price pressures for transportation also rebounded.

Inflation came in at 1.9% in January, which was up from December’s 1.8%. Meanwhile, the trend pointed up, with annual average inflation coming in at 2.1% in January (December: 1.8%).

With a projected pickup in domestic demand penciled in for 2022, inflationary pressures should rise in turn, as consumer spending accelerates and fiscal stimulus remains robust. On the other hand, with the dong set to strengthen slightly in 2022 and monetary policy estimated to tighten throughout the year, price pressures should remain in check, with our panelists forecasting inflation to average below the government’s 4.0% target. The recent outbreaks in Covid-19 cases cloud the inflation outlook considerably, however.

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