Vietnam inflation rate falls to 26.7 percent

HANOI (AFP) — Vietnam’s consumer prices rose by 26.7 percent in October against the same month last year, the state-run General Statistics Office (GSO) said in inflation data released Saturday.

The figure was lower than the year-on-year inflation rate of 27.9 percent reported in September, and consumer prices also dropped by 0.2 percent month-to-month, the first such decline in two and a half years.

The monthly fall comes amid lower world commodity and energy prices, domestic fuel price cuts and Vietnamese banks tightening credit.

Since the start of the year, Vietnam’s consumer price index has risen by 21.6 percent, said the GSO. Prime Minister Nguyen Tan Dung last week forecast that the annual inflation rate for 2008 would be 24 percent.

The GSO said that year-on-year food prices were up by 40.6 percent in October, but down by 0.4 percent against September.

Prices for housing and construction materials increased by 22.8 percent year-on-year and declined by 1.1 percent month-to month.

Beverage and tobacco prices were up by 13.3 percent compared to October 2007 but down by 0.7 percent compared to last month.

Vietnam, after more than a decade of rapid economic growth, has struggled to contain double-digit inflation this year, which hit a record 28.3 percent in August, through a policy of fiscal and monetary tightening.

AFP: Vietnam inflation rate falls to 26.7 percent

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