CPI increasing 1.23% from the previous month, driven by surging global fuel prices and higher construction material costs.

Vietnam’s consumer price index (CPI) rose 1.23% in March
from the previous month, driven by surging global fuel prices and higher
construction material costs, according to the National Statistics Office.

The March CPI increased 2.44% compared to December 2025 and
jumped 4.65% year-on-year, marking the highest March reading in five years.

Prices rose in nine of 11 major categories, with transport
leading the increase. The sector surged 12.85%, contributing 1.28 percentage
points to overall inflation, as petrol prices exploded 29.72%, diesel jumped
57.03% amid the Middle East conflict-triggered supply disruptions. Air fares also
rose sharply 23.19% while rail transport jumped nearly 14%. Higher input and
import costs pushed spare parts prices up 0.65%.

Housing, utilities, fuel and construction materials rose
0.77%, adding 0.17 percentage points to CPI. Kerosene prices jumped more than
62.3%, while gas increased 5.56%. Repair and construction services also edged
up, although electricity and water costs eased slightly due to lower
consumption.

For the first quarter as a whole, the CPI increased 3.51%. 

Core inflation, which excludes fresh food, energy and
state-managed services such as healthcare and education, increased 0.47%
month-on-month and 3.96% year-on-year in March. It rose 3.63% in the first
quarter, slightly above headline inflation, as declining food prices helped
moderate overall pressures.

VnEconomy-Song Hà