CPI in May likely to rise 1.2%-1.3%: ministry

Vietnam’s consumer price index in May is forecast to continue to increase 1.2-1.3 percent over April since the prices of many goods in the world market are witnessing sharp increases, according to the Ministry of Industry and Trade.

However, the rising pace will be slow afterwards since global economies will start to be able to control inflation, hence a lower pressure on the Vietnamese market.

Also, due to decreasing purchasing power, suppliers will have to find ways to control price increases in the future.

Vietnam’s CPI in Jan-April surged 9.64 percent, far exceeding the 7 percent target estimated by the government earlier this year.

Vietnam Prime Minister, Nguyen Tan Dung, has also asked to control the whole year inflation to under 12-13 percent.

At the recent 44th annual meeting of Asian Development Bank (ADB) held in Hanoi, Minister of Planning and Investment Vo Hong Phuc said that the country’s inflation target in 2011 would be 11.75 percent, equaling the figure in 2010.

United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has forecast Vietnam’s inflation in 2011 is likely to hit 15 percent, said its socio-economic situation survey report in Asia-Pacific.

Tags: Vietnam CPI, Vietnam CPI 2011, Vietnam economic, Vietnam economy