February CPI at 1.04% due to rising Tet demand

Vietnam’s consumer price index (CPI) rose 1.04 per cent in February against January, according to the General Statistics Office (GSO).

It also rose 3.98 per cent year-on-year.

The increase was fueled by high consumer demand during the Tet (Lunar New Year) holiday, together with a surge in prices for rice, petroleum, and gas, the GSO said.

In the basket of nine goods and services indicating the CPI, transport services posted the highest increase, of 3.09 per cent, followed by catering services with 1.71 per cent, beverages and cigarettes 0.8 per cent, and culture, entertainment, and tourism 0.79 per cent.

The CPI grew 3.67 per cent compared to January-February last year.

The GSO also reported that core inflation rose 0.49 per cent month-on-month in February and 2.96 per cent year-on-year.

Core inflation in the two-month period increased 2.84 per cent year-on-year.