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Mar 02, 2020 / 13:29

Vietnam’s consumer prices remain at 7-year high in Jan-Feb

The CPI increased 5.91% year-on-year in the first two months of 2020, the highest growth rate for a two-month period over the last seven years.

Vietnam's consumer price index (CPI) in February saw a decline of 0.17% against the previous month but still up 1.06% versus the end of 2019 and 5.4% year-on-year, the highest growth rate for February in seven years, according to the General Statistics Office (GSO). 

 Data: GSO. Chart: Ngoc Thuy.

Five out of 11 commodity groups, which are components of the basket for CPI calculation, witnessed month-on-month hikes in prices. Among them, food and catering services posted the sharpest increase of 0.26%.

Other groups that saw their prices increase were medicine and healthcare services (0.13%), which was a result of a sharp increase in demand for medical equipment against the Covid-19 epidemic.

In addition, prices of household equipment and appliances went up 0.08%; education 0.04% and other goods and services 0.17%. 

The six groups that saw their prices down in February were transportation (-2.5%), mainly due to petroleum price cut on February 14; culture, entertainment, and tourism (-0.43%); beverages and cigarettes (0.28%); garment, footwear and hats (-0.13%); housing, water and electricity supply, and construction materials (-0.03%); and post and telecommunications (-0.05%).  

According to the GSO, core inflation in February picked up 0.17% month-on-month, and 2.94% year-on-year, resulting in an increase of 3.1% year-on-year on average in the January – February period.