Inflation rate increases by 0.01% in May

The consumer price index (CPI) for May increased by 0.01% month over month, according to the General Statistics Office (GSO), mostly as a result of higher costs for food, energy, and water.

The May CPI grew by 2.43% from the same time last year and 0.4% from December 2022. In comparison to the same period last year, the average CPI increased by 3.55% in the first five months of this year.

The GSO said that the CPI's year-over-year growth from the beginning of this year tends to decline gradually, with 4.89% in January, 4.31% in February, 3.35% in March, 2.81% in April, and 2.43% in May.

Education, housing and building supplies, culture and entertainment, and tourism all saw price increases in the first five months of this year as a result of rising demand following the containment of the COVID-19 epidemic.

In addition, food costs increased by 3.8%, mostly as a result of increased consumer demand throughout holidays and festivals.

Meanwhile, factors including declining gasoline costs as well as postal and telecommunications product prices throughout the time period contributed to the CPI's decline.

Core inflation rose by 0.27% over the previous month and by 4.54% over the same time last year in May, according to the General Statistics Office.

During the first five months of this year, the average core inflation rate increased by 4.83% year over year, above the CPI growth rate of 3.55%

Source: GSO, VNA