Vietnam inflation hits 3.63% in 2024, below government target
Vietnam's consumer price index (CPI), an indicator of inflation, rose 3.63% in 2024, below the government's target of 4-4.5%.
The index went up 0.29% from November to December, the General Statistics Office (GSO) reported.
A supermarket in Ho Chi Minh City. Photo courtesy of Thanh Nien (Young People) newspaper.
The GSO noted a main driving force of inflation in 2024 was food and restaurant services (up 4.03% against 2023), making the overall CPI increase by 1.35 percentage points.
Another key sector was housing and utilities (up 5.2%), or 0.98 percentage points of the overall CPI, due to the hikes of key products such as electricity prices (up 7.68%), house rent (4.6%), and water supply (8.33%).
Other sectors with a rise were healthcare-medicine (7.16%, 0.39 percentage points of the overall inflation); education (5.37%, 0.33 percentage points); and transportation (0.76%, 0.07 percentage points).
Telecommunications-postal services was the only sector with negative growth, going down 0.76% and reducing the overall CPI by 0.07 percentage points.
In December alone, retail sales and services revenue reached VND570.7 trillion ($22.5 billion), up 9.3% year-on-year. For the whole year, the figure was VND6,391 trillion ($251.94 billion), up 9%.
The January-December figure included VND4,921.7 trillion ($194.02 billion) from retail sales, up 8.3% year-on-year; VND733.9 trillion from accommodation and restaurant services, up 12.9%; VND62.5 trillion from tourism, up 16%; and other sectors with VND672.9 trillion, up 9%.
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