Vietnam's cost of living rises 3.23% in 2020

Dec 28, 2020 / 05:50 PM

Core inflation rose 2.31% year-on-year in 2020.

Vietnam's consumer price index (CPI), the main gauge of inflation, expanded at 3.23% year-on-year, lower than the year’s projection of 4% by the National Assembly, according to the General Statistics Office (GSO).

The CPI saw an increase of 0.1% in December against the previous month. Photo: Thanh Hai.

The CPI saw an increase of 0.1% in December against the previous month and up 0.19% versus the end of 2019.

Increases in prices of petroleum products and a surge in demand for rice and other goods during the final month of the year led to an expansion of the CPI in December, stated the GSO.

Overall, the expansion of CPI in 2020 was thanks to a growth of 4.51% year-on-year in food prices; a hike of 1.35% in prices of medicine and medical equipment due to complicated Covid-19 situation around the world; and an increase of 4.32% in prices of education.

Other commodity groups that saw their prices decline in 2020, included petroleum products, tourism, transportation, contributing to keeping the inflation rate under control, as well as to the government’s efforts in keeping market stability, noted the GSO.

According to the GSO, core inflation in December went up 0.07% month-on-month, resulting in an increase of 0.99% year-on-year. This led to a rise of 2.31% in the inflation rate in 2020.

Domestic gold prices followed the growing trend due to global uncertainties. After initial decline in early December as a result of the approval of Covid-19 vaccines around the world and a potential relief package in the US, the gold prices have been on the recovery trend in recent days.

In December, gold prices declined by 0.83% month-on-month, 30.95% against last December and 28.05% year-on-year.

Vietnam inflationary pressures predicted to remain weak in 2020 – 2021

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Vietnam’s inflation is set to remain below the government’s 4% threshold for most of the year with its average forecast at 3.5%. This should see the central bank keep lending conditions accommodative into 2021.

Vietnam inflation set to stay below 4% target this year: Experts

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Inflationary pressure in the remaining six months would be insignificant as the oil prices are unlikely to surge, which is a result of a possible global economic recession.

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