Vietnam’s Nov. CPI hits nine-year high on surging pork price

According to the report, 11-month averaged inflation rate is seen as lowest during the past three years despites recent increase of pork and fuel prices.

November’s CPI expanded 3.78% against December 2018 and 3.52% compared to the same period last year and 0.96% from the previous month, the nine-year high.

Inflation rate in November compared to the previous month in the period of 2011-2018 was between 0.07% and 0.48%.

The month’s core inflation rose 0.3% against the previous month while 11-month averaged core inflation was reported at 1.94% year on year.

In the report on the socio-economic situation, the GSO noted that food and restaurant services underwent the strongest hike price during the past month, with 2.74%.  

Drop in pork supply was the main reason for the high CPI growth rate in November. Price of pork increased by 18.51% in November while price of pork-related products also increased.

Price of roasted meat and sausages increased by 5.99%. Prices of canned and other processed meat increased by 0.59%. 

Domestic gold price index in November 2019 decreased by 0.63% over the previous month; an increase of 11.65% compared to December 2018 and an increase of 17.12% over the same period last year.

The US dollar price index in November 2019 dropped by 0.13% over the previous month, decreased by 0.58% compared to December 2018 and by 0.66% compared to the same period last year.

Vietnam placed inflation target of 3.3 – 3.9% for 2019. In 2018, the country's CPI grew 3.54%, half the nominal GDP growth rate of 7.08%.