Inflation speeds up in Vietnam on higher healthcare costs

By Ha Phuong   October 29, 2016 | 11:33 am GMT+7

Officials say energy prices may soon rise due to an anticipated cut in global oil output.

Vietnam's annual inflation rate accelerated to 4 percent this month, moving closer to the 5 percent target for the whole year.

In October, the consumer price index rose 0.83 percent compared to the previous month, following a similarly sharp increase in September, new data from the General Statistics Office shows.

Nine out of eleven categories in the goods basket saw a monthly rise.

The government will be under pressure to achieve the 5 percent target as adverse weather conditions and rising demand of foods, coupled with possible higher energy prices caused by OPEC’s production cut in November, are likely to send consumer prices up in the final two months, said Deputy Prime Minister Vuong Dinh Hue.

In October, medicine and healthcare services saw a 10 percent hike, a major force behind the high inflation rate.

Related news:

> Vietnam’s consumer price index surges in September

> Vietnam records lowest consumer price index increase since February

> Consumer price index up 1.7pct in March

Tags: inflation CPI