Consumer price index in Vietnam rises by 2.25% YoY in Jan-May 2022

Statisticians attribute the rise to the sharp increase in gasoline prices.

According to economic analysts, in less than half a year, the average CPI has been 2.25 per cent, and while the uptrend is still continuing, the target threshold of 4 per cent requires close management efforts, according to Vietnamese media reports.

Forecasts of international organizations also suggested that Vietnam's inflation in 2022 will be around 3.8-4 per cent.

Specifically, according to May’s statistics, among 11 main groups of consumer goods and services, 10 groups of goods increased in price compared to the previous month whereas only one group of products was discounted.

The country’s index of industrial production (IIP) in May was estimated to increase by 4 per cent month-on-month and by 10.4 per cent year on year. Notably, the industrial production index in the first 5 months of 2022 compared with the same period last year increased in 61 localities, showing a clear recovery trend of the economy.

Localities with a large industrial scale have positive growth trends, such as the Southern Province of Binh Duong with an increase of 9 per cent, the Central Province of Ha Tinh increased by 6.9 per cent, Ho Chi Minh City increased by 6.5 per cent, the northern provinces of Hai Duong, Thai Nguyen and Quang Ninh increased by 3.6 per cent, 3 per cent and 2.3 per cent respectively, the Mekong Delta provinces of Vinh Long and Long An increased by 3.4 per cent and 2.7 per cent respectively.

In the first five months of this year, the industrial production index increased by 8.3 per cent over the same period last year.

ALCHEMPro News Desk (DS)