Vietnam’s consumer prices recorded a downward trend in May as fuel costs continued to drop in line with the international market, according to the data released by the General Statistics Office (GSO) on Monday.
Inflation in the first five months hit 3.55 per cent from a year ago, below the year-on-year increase of 3.84 per cent in the first four months, likely backing the State Bank of Vietnam’s decision of cutting its policy interest rates three times since the beginning of the year, according to the statistics data.
The retail prices of gasoline and oil products in Vietnam dropped 15.27 per cent in the first five months from a year ago, meanwhile, gas prices fell 8.51 per cent, Xinhua news agency quoted the GSO as saying in a statement.
Read More : Vietnam’s Inflation Continues Downward Trend in May, Driven by Reduced Fuel Costs