A consumer shops at Saigon Co.op in HCM City. Việt Nam's consumer price index (CPI) rose 0.29 per cent in May from the previous month, driven by higher electricity, water, fuel, housing and construction material costs. — VNA/VNS Photo Hương Giang

HÀ NỘI — Việt Nam's consumer price index (CPI) rose 0.29 per cent in May from the previous month, driven by higher electricity, water, fuel, housing and construction material costs, according to data released by the National Statistics Office on Wednesday.

The CPI increased 3.61 per cent from December and 5.6 per cent from the same month last year.

Average CPI growth in the first five months of this year stood at 4.31 per cent from a year earlier, while core inflation rose 4.04 per cent.

The National Statistics Office said housing and construction materials remained among the main factors driving price increases in the January-May period, rising 6.64 per cent year-on-year and contributing 1.51 percentage points to overall CPI growth.

Rental housing prices increased 6.41 per cent as maintenance and operating costs rose, while construction and home repair materials jumped 14.2 per cent amid stronger demand.

Household electricity prices climbed 5.84 per cent, reflecting higher consumption during hot weather and an increase in the average retail electricity tariff introduced by Việt Nam Electricity in May 2025.

Transport costs rose 5.22 per cent from a year earlier, contributing 0.52 percentage points to CPI growth, as fuel prices increased 8.88 per cent.

Food and catering service prices rose 4.77 per cent, adding 1.71 percentage points to overall CPI growth. Pork prices increased 5.32 per cent due to tight supply during major holiday periods and elevated livestock production costs, while poultry prices gained 4.54 per cent.

Fuel prices dropped by 9.62 per cent in January and 8.38 per cent in February, but rose 21.6 per cent, 21.47 per cent and 25.12 per cent year-on-year in March, April and May, respectively.

Education costs increased 3.28 per cent, contributing 0.2 percentage points to inflation after some private schools and vocational institutions raised tuition fees during the 2025-26 academic year.

Meanwhile, information and communication prices fell 0.06 per cent in the first five months of the year as technology products became cheaper amid abundant supply and stronger competition among distributors.

The office also said domestic gold prices moved in line with global markets.

Average global gold prices stood at US$4,619.18 per ounce in May, down 2.4 per cent from April due to profit-taking after previous gains and reduced demand for safe-haven assets as market sentiment stabilised.

In the domestic market, the gold price index fell 4.11 per cent in May from the previous month. However, it remained 33.87 per cent higher than a year earlier and 6.27 per cent above its level at the end of 2025.

On average, the gold price index rose 65.97 per cent in the first five months of the year.

The US Dollar Index averaged 98.62 points in May, slightly down from April, as investors anticipated potential interest rate cuts by the US Federal Reserve.

In Việt Nam, the average free-market exchange rate stood at around VNĐ26,375 per dollar, rising 0.02 per cent from April and 0.78 per cent year-on-year, but down 0.28 per cent from December 2025. — VNS