Vietnam's Consumer Price Index (CPI) rose 0.29 per cent in May from the previous month and 5.6 per cent from a year earlier, according to a report from the Ministry of Finance.
For the first five months of the year, CPI increased 4.31 per cent year-on-year, while core inflation rose 4.04 per cent.
Among the 11 main categories of goods and services, prices increased in 10 groups, while the food and catering services category was the only one to record a decline.
Housing, utilities, fuel and construction materials posted the strongest monthly increase, rising 0.96 per cent. Residential rents climbed 0.71 per cent as some landlords raised rental charges to offset the cost of property upgrades and renovations.
Housing repair services increased 0.69 per cent due to higher labour costs. Prices of housing maintenance materials rose 0.81 per cent as steel, cement, sand and stone became more expensive amid rising input costs, transportation expenses and stronger demand for construction and home repairs.
Electricity prices recorded one of the sharpest increases, rising 2.38 per cent from the previous month, while domestic water prices rose 1.41 per cent. The increases were attributed largely to higher demand for cooling during hot weather across many parts of Vietnam.
The transport category rose 0.83 per cent, mainly driven by a 2.12 per cent increase in petrol prices. Driving licence training fees rose 0.82 per cent, road toll charges increased 0.68 per cent, self-drive car and motorcycle rental services gained 0.46 per cent and vehicle parking services edged up 0.07 per cent.
The culture, entertainment and tourism category increased 0.48 per cent. Package tour prices rose 1.19 per cent, including a 1.35 per cent increase in domestic tours and a 0.27 per cent rise in overseas tours, reflecting higher travel, accommodation and tourism service costs. Hotel and guesthouse prices also increased 0.66 per cent.
Other categories recording price increases included beverages and tobacco, up 0.21 per cent; household equipment and appliances, up 0.17 per cent; other goods and services, up 0.14 per cent; garments, hats and footwear, up 0.13 per cent; pharmaceuticals and healthcare services, up 0.10 per cent; information and communications, up 0.04 per cent; and education, up 0.03 per cent.
The food and catering services category fell 0.14 per cent, with food staples declining 0.68 per cent and food products down 0.25 per cent.
For the January-May period, CPI rose 4.31 per cent from a year earlier, while core inflation increased 4.04 per cent.
According to the General Statistics Office, the domestic gold price index fell 4.11 per cent in May from the previous month as gold traders adjusted prices in line with declining global gold prices.
Meanwhile, the US dollar price index rose 0.02 per cent from April, reflecting stronger demand for foreign currency in the domestic market.