Gasoline pushes May inflation to 2.86 pct

By Dat Nguyen May 29, 2022 | 08:33 pm PT

An employee makes changes to the price tag at a gasoline station in Ho Chi Minh City, May 23, 2022. Photo by VnExpress/Quynh Tran

A surge in the prices of gasoline, food and some other goods has sent the consumer price index rising by 2.86 percent year-on-year in May.

Global gasoline prices went up while the rising costs of raw materials and ingredients pushed up food prices, according to the General Statistics Office.

The monthly rise in prices was 0.38 percent with culture, tourism and entertainment products rising by 0.74 percent as travel demand recovered.

Inflation in the first five months was 2.25 percent as against 1.29 percent in the same period last year.

Standard Chartered Bank expects full-year inflation of 4.2 percent in 2022 and 5.5 percent in 2023.

Several economists have also said it would be difficult to contain inflation below the targeted 4 percent rate due to higher prices, especially of gasoline, caused by war in Ukraine.

Inflation was 1.8 percent last year, the lowest in six years.