Vietnam’s CPI rises 4.52% in first nine months of 2026

Speaking at a press conference in Hanoi on October 3, NSO Director Nguyen Thi Huong said the CPI in September rose 0.62% from the previous month, mainly due to higher domestic fuel prices following global energy price movements and tuition fee increases at some universities and private schools for the new academic year.

September’s CPI was 4.2% higher than in December 2025 and up 5.08% year-on-year. Average CPI in the third quarter rose 4.8% year-on-year.

According to the NSO, the nine-month CPI increase was driven mainly by higher fuel and gas prices in line with global market developments, as well as rising costs for housing, electricity, water, fuel and construction materials. Higher input costs and stronger consumer demand also pushed up prices of food and catering services, while increases in education and healthcare service prices contributed to overall inflation.

The housing, electricity, water, fuel and construction materials group rose 6.68% year-on-year, contributing 1.52 percentage points to overall CPI growth. Transport prices increased 6.06%, adding 0.6 percentage point, with fuel prices up 10.89%.

Food and catering services prices rose 4.72%, contributing 1.69 percentage points to CPI growth. Pork prices increased 4.46% amid limited supply during holidays and high livestock production costs, while poultry prices rose 3.93%. Prices of meals outside the home increased 7.14% due to higher input and service costs.

Huong said the Government and the Prime Minister have directed ministries, sectors and localities to implement concerted measures to stabilise the macro-economy, control inflation and maintain major economic balances amid global uncertainties and rising inflationary pressures.

Flexible coordination between fiscal and monetary policies, along with administrative reforms and measures to support production and businesses, particularly private enterprises and small- and medium-sized businesses, helped stabilise the market and ensure adequate supply. However, she noted that input costs, energy price fluctuations and inflation risks remained challenges for economic management.

Meanwhile, domestic gold prices continued to move in line with global prices. The domestic gold price index rose 42.67% year-on-year on average in the first nine months. In contrast, the US dollar price index fell 1.07% from December 2025, while rising 1.01% year-on-year on average.

Core inflation increased 0.11% month-on-month and 4.45% year-on-year in September. Its nine-month average growth of 4.26% remained below headline CPI, mainly because fuel, gas, fresh food and healthcare prices, which contributed significantly to CPI growth, are excluded from the core inflation calculation.

What lies ahead for price trends in late 2026 as CPI approaches 4.5% target?

VOV.VN - Vietnam’s average Consumer Price Index (CPI) in the first half of 2026 drew remarkably close to the national inflation control target of 4.5%, posing a complex price management challenge for the remainder of the year.