Monday September 01, 2008

Vietnam inflation rate hits 27% in Jul 2008

channelnewsasia.com :

Vietnam's annual inflation rate hit 27% in July 2008 as rocketing food and fuel costs saddle its economy with one of Asia's toughest battles against rising prices. The price of the staple food rice and other grains was up 72.7%. With large oil reserves but no operating refinery, the country used 7.8 billion dollars to buy petroleum products, a rise of 90.7% amid record high global energy prices. The government's decision to hike retail petrol prices more than 30% is likely to push inflation still higher. Vietnam was once widely hailed as Asia's next economic tiger, but has been battered by double-digit inflation, a ballooning trade gap, tumbling share prices and worries about the banking sector and its currency, the dong.

- 27% inflation, that's certainly double-digit inflation, when all you need is to achieve double-digit is to hit 10%. So who else is in this exclusive "double-digit inflation country club"? We've got India which has gone over 10%, Venezuela has reportedly reached 33.7% also in July 2008, and of course we have Zimbabwe, the hyperinflationary poster child going at 2.2 million percent inflation as of the last official report. Honorable mentions include Thailand, which is closing in with its 9.2% inflation rate, China which reached 8.7% inflation back in Feb 2008, and even Singapore which hit 7.5% inflation in May 2008.

See also :

1. Vietnam CPI inflation rate accelerates to 25.2% - fastest since 1992
2. China inflation surges to 8.7% in Feb 2008, highest in 11 years
3. Rice prices are steaming, with many implications
4. Global food crisis looms as Asia's rice bowl empties and world price soars

(2008-09-01 20:04:09 SGT) [Biz] Permalink

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