Vietnam inflation shows downward trend

The average consumer price index (CPI) of the last five months rose by 3.55% from a year earlier, according to the General Statistics Office.

It showed that year-on-year rises in CPI from the beginning of this year tend to slow down gradually with 4.89% in January, 4.31% in February, 3.35% in March, 2.81% in April, and 2.43% in May, the GSO noted.

Factors behind the CPI increases in the first five months include the increased prices and costs in education, housing and construction materials, culture and entertainment, and tourism due to post-pandemic increasing demand, the government statistics agency said.

The GSO added food prices increased by 3.8% over five months, mainly because of higher consumer demand during holidays and festivals in late January, late April, and early May.

In the other direction, the five months saw drops in prices of fuels and postal and telecommunications services.

Vietnam's CPI in May was 0.01% higher than in April. The May CPI increased by 0.4% compared to December last year and 2.43% against May 2022.