Inflation Rate Slows to 9.2 percent in April

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Apr. 23 – Dropping telecommunications and transportation costs have eased Vietnam’s inflation rate to 9.2 percent for April.

According to the General Statistics Office, the inflation in April was driven mainly by increases in the cost of food, beverages, home appliances and garments and textiles, said the General which often issues the data before the end of the month based on estimates.

In March, the consumer price index increased by 11.3 percent, from 14.8 percent in February. This is in sharp contrast to 2008 when inflation was at 23 percent; the highest in 17 years.

The government in its efforts to stimulate the economy has already slashed import tariffs and taxes on various consumer products many times this year. Prime Minister Nguyen Tan Dung predicted this week that the inflation rate will drop to 6 percent for the year.

Despite Vietnam posting a slower 6.2 percent growth last year,  it still remains as one of the world’s fastest growing economies.