Vietnam’s consumer price index (CPI) inched up 0.55 percent in May, the highest monthly increase since 2012, according to the General Statistics Office (GSO).

Vietnam’s consumer price index (CPI) inched up 0.55 percent in May, the highest monthly increase since 2012. Illustrative image

The index marked a 3.86 percent rise year-on-year and 1.61 percent increase from the last December. In the first five months of this year, it rose by 3.01 percent. 

Among 11 commodity and service groups, nine posted monthly hikes in prices, including transportation (1.72 percent); food and catering services (0.88 percent); housing, water and electricity supply, and construction materials (0.34 percent); household equipment and appliances (0.1 percent); beverages and cigarettes (0.08 percent); culture, entertainment and tourism (0.08 percent); apparel, headwear and footwear (0.08 percent); medicines and health care services (0.03 percent); and goods and other services (0.02 percent). 

Post and telecommunications services prices fell 0.14 percent.

Do Thi Ngoc, head of the GSO’s Statistics Department, attributed the CPI growth to rising pork and animal feed prices, higher demand for dining and tourism during the April 30 – May 1 holiday, increased petrol and gasoline prices, as well as higher demand for electricity and water on hot days. 

Factors curbing the CPI increase included fresh and processed fruits (down 0.03-1.16 percent), housing for rent (down 0.25 percent). 

The US dollar price was down slightly at about 22,790 VND. 

Basic inflation (CPI exclusive of fresh food, energy, and State-controlled services such as health care and education) moved up 0.11 percent month-on-month and 1.37 percent annually in May, pushing its five-month figure by 1.34 percent, proving that monetary policy remains stable.-VNA