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Vietnam annual inflation in Nov lowest in five months
Vietnam's annual inflation in November was 19.83 percent, the lowest rise since June, while the monthly inflation pace has quickened slightly, hurt by higher food prices.
The consumer price index (CPI) in November rose 0.39 percent from October, faster than the monthly increase of 0.36 percent between September and October, the General Statistics Office said in its monthly report.
The annual inflation rate this month in Vietnam, which has been battling one of Asia's highest prices, fell below 20 percent for the first time since June, when it stood at 20.82 percent. The highest touched was 28.32 percent in August of 2008.
Vietnam has been trying to keep annual inflation this year at 18-18.5 percent, with bank loans expected to grow 12-13 percent, Central Bank Governor Nguyen Van Binh said on Monday.
Credit growth slowed to 27.65 percent last year from 37.7 percent in 2009 and 53.8 percent in 2007, according to central bank data. Food prices this month rose an estimated 3.25 percent from October, more than twice the monthly growth of 1.27 percent between last month and September.
The central bank has planned an annual credit growth of 15-17 percent for 2012, which will help facilitate an economic growth of 6.0-6.5 percent, Binh said. "Vietnam's stabilisation gains remain fragile and any premature loosening of policy will risk repeating the recent pattern of recurring instability," the World Bank said in its East Asia and Pacific Economic Update 2011 report on Tuesday.
It forecast Vietnam's inflation rate to hit 19 percent this year, slightly above government estimates. Inflation could ease to 10.5 percent in 2012, the World Bank said.
reuters
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