Vietnam’s consumer price index (CPI) saw the fastest monthly increase of estimated 1.23 per cent in November, bringing the 11-month inflation rate to ten-year high at 9.45 per cent, the General Statistics Office (GSO) reported Wednesday.
The CPI inflated 10.01 per cent from last November, the highest rise since 1996.
Nguyen Duc Thang, deputy director of GSO’s Trade and Price Department, said the CPI surge outstripped economists’ forecasts.
The price hike was attributed to the upsurge of food and foodstuff prices, which are pushed up after Vietnam faced repeated natural disasters, including recent floods and livestock diseases.
In November, prices of food and catering services, which accounts for nearly 40 per cent of the CPI commodity basket, saw the highest CPI rise. It surged 2.06 per cent on month, 14.08 per cent from last year’s end and 14.89 per cent on year.
Housing and construction materials also attributed to the CPI surge. It climbed up 1.87 per cent from October, 13.4 per cent from last December and 14.01 per cent from last year.
Prices of culture, sports and entertainment, meanwhile, fell 0.1 per cent on month. It was the commodity group with the lowest rise of only 1.57 per cent since last November.
The CPI went up 1.28 per cent in urban areas and 1.18 per cent in rural areas in the month. The central costal region witnessed the highest CPI rise at 1.81 per cent.
The gold price is estimated to increase 8.89 per cent in November, 24.69 per cent from last year’s end and 28.71 per cent from one year ago.
The prices of U.S dollar, meanwhile, fell 0.28 per cent against the Vietnamese dong. It rose 0.07 per cent from last December and 0.19 per cent from last November.
The 11-month CPI has surpassed the country’s GDP growth, which is expected at 8.5 per cent this year.
The CPI is forecast to continue surging in December due to the increases in petrol price, minimum salary and demand for goods on the year-end market. (GSO, VNS)
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