Vietnam: Inflation eases in October month-on-month

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Vietnam: Inflation eases in October month-on-month

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Vietnam: Inflation eases in October month-on-month
Vietnam’s consumer prices in October rose 26.7 percent from the same month last year, lower than the annual inflation in September but still the 12th consecutive month of a double-digit increase, Reuters quoted the government as saying Saturday.

The rate this month eased from an annual rise of 27.9 percent in September. October prices will fall 0.19 percent from last month, the first monthly drop since March 2007, when prices eased 0.2 percent from the previous month.

Vietnam's inflation this year was forecast to hit 24 percent, Prime Minister Nguyen Tan Dung told parliament last week. The government aims to bring inflation to below 15 percent next year.

Vietnam, Asia's second largest importer of petrol and diesel, cut retail petrol prices twice last week, with a total reduction of 6 percent following lower oil prices on global markets.

The government's General Statistics Office said average consumer prices in the first 10 months would be 23.15 percent higher than the same period last year, up from the average annual rise of 22.76 percent in the first nine months.

The statistics office estimated food prices this month would rise 60 percent from last October, slowing from an annual rise of nearly 65 percent in September. Food prices account for 42.8 percent of the price basket Vietnam uses to calculate inflation.

The Asian Development Bank has revised up its forecast on Vietnam's inflation this year to 25 percent from 18.3 percent previously. It said inflation would slow to 17.5 percent in 2009.