Vietnam’s consumer price index (CPI) rose 0.52 per cent in January compared to December, according to the General Statistics Office (GSO).

It also rose 4.89 per cent year-on-year.

The increase was fueled by high consumer demand during the Tet (Lunar New Year) holiday. Prices of goods, food, and foodstuffs all rose during lunar December as people prepared for the annual holiday, the GSO said.

Domestic fuel prices rose to global levels and were adjusted after new environmental protection tax rates on fuels contributed to the increase in the CPI.

Transport services reported the highest rise, of 1.39 per cent, followed by beverages and cigarettes, with 1.12 per cent.

Prices of catering, other goods and services, apparel, footwear and hats, gold, restaurant services, cultural activities, and entertainment rose 0.82 per cent, 0.72 per cent, 0.62 per cent, 0.57 per cent, 0.46 per cent, and 0.42 per cent, respectively.

Meanwhile, prices of housing and construction materials and education fell 0.12 per cent and 0.15 per cent, respectively.

The GSO also reported that core inflation rose 0.46 per cent month-on-month in January and 5.21 per cent year-on-year.