Vietnam's consumer price index (CPI) fell 0.39% in June from the previous month, marking a reversal after persistent inflationary pressures earlier this year, according to a report released by the National Statistics Office on July 3.
Despite the monthly decline, consumer prices remained elevated on an annual basis. June's CPI was 3.21% higher than at the end of 2025 and 4.69% above the level recorded a year earlier. Average CPI for the second quarter rose 5.25% year-on-year.
For the first six months of 2026, average inflation stood at 4.38%, reflecting the cumulative impact of rising input costs and resilient consumer demand over the past two quarters.
Food and catering services remained the biggest driver of inflation. Prices in the category increased 4.79%, contributing 1.72 percentage points to the overall CPI rise. The increase was largely attributed to higher pork prices amid constrained supply during the Lunar New Year period, while the cost of dining out climbed 6.85%.
Housing and construction materials also exerted significant upward pressure, with prices rising 6.72% and contributing 1.53 percentage points to headline inflation. The increase was driven by a 14.12% jump in home maintenance material prices and a 5.54% rise in household electricity tariffs.
Although transport costs moderated in June, the category still recorded a 5.23% increase during the first half of the year due to sharp fluctuations in global fuel prices earlier in 2026.
Core inflation, which excludes volatile food and energy prices, rose 0.14% from May and 4.50% year-on-year in June. Average core inflation for the first six months reached 4.12%, remaining below the headline CPI increase of 4.38%.
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