Vietnam’s CPI up 3.15% in 2022

HANOI [VIETNAM]: Vietnam's consumer price index (CPI) rose 3.15 per cent in 2022, meeting the below-4-per cent target set by its top legislature, according to the country's General Statistics Office on Friday.

The rise was mainly driven by surging fuel and gas prices, and rising prices of other items including rice, food and housing and materials, reports Xinhua news agency.

Specifically, items posting the most significant rises in prices included transport (up 11.27 per cent), beverages and cigarettes (up 3.15 per cent), and housing and construction materials (up 3.11 per cent).

Meanwhile, the CPI's growth was offset by lower prices of pork, house rent and telecommunication, among others.

In December alone, the index decreased 0.01 per cent against November, contributed by decreases of two out of the 11 items in the calculation basket.

Transport saw the largest decline of 2.78 per cent while housing and construction materials posted the largest increase of 0.66 per cent in December.

Vietnam's top legislature has set the target of controlling the CPI at around 4.5 per cent in 2023.

The British multinational investment bank HSBC has recently lowered its inflation forecast for Vietnam in 2022 from 3.4 per cent to 3.2 per cent, but raised its inflation forecast for 2023 to 4 per cent instead of the previously projected 3.7 per cent.