Vietnam's inflation accelerates as energy costs rise due to the Iran war

Golden Ten Data reported on May 3 that in April, inflation in Vietnam rose sharply above expectations due to a surge in global energy prices triggered by the Iran war, which in turn affected transportation and raw material costs. The country experienced a trade deficit for the fourth consecutive month, attributed to an increase in imports caused by a spike in global raw material prices resulting from the conflict. According to data released by the Vietnam General Statistics Office on Sunday, the Consumer Price Index (CPI) increased by 5.46% year-on-year in April, while the median estimate was 4.80%. The Vietnamese statistics department stated that the intensified inflation “was mainly due to domestic gas prices rising in sync with global fuel prices,” and the continuous rise in raw material and transportation costs also boosted prices in the service and construction sectors, further intensifying inflation.