January CPI edges up on stronger Tết Holiday demand

January CPI edges up on stronger Tết Holiday demand

According to the NSO, higher pork prices amid rising Tết demand, increases in dining-out service prices and higher costs of housing maintenance materials linked to year-end home renovations were the main contributors to the rise.

Shoppers at a supermarket in Cần Thơ. — VNA/VNS Photo Thanh Liêm

Việt Nam’s consumer price index (CPI) in January inched up by 0.05 per cent month on month, largely driven by stronger consumption during the Tết (Lunar New Year) Holiday, the National Statistics Office (NSO) under the Ministry of Finance reported today.

Compared with the same period last year, January’s CPI increased by 2.53 per cent, while core inflation expanded by 3.19 per cent.

CPI in January 2026 rose 0.05 per cent from the previous month, with urban areas recording a 0.02 per cent increase and rural areas 0.09 per cent. Of the 11 major commodity and service groups, nine posted price increases, while two saw declines.

The housing, electricity, water, fuel and construction materials group rose 0.7 per cent. The beverages and tobacco group climbed 0.58 per cent as demand for consumption and gift-giving during Tết pushed up beer and alcohol prices by 0.45 per cent, cigarettes by 0.6 per cent and non-alcoholic beverages by 0.89 per cent.

Prices in the group of other goods and services increased by 0.41 per cent, driven by higher jewellery prices, up 2.55 per cent, hairdressing services up 0.9 per cent, personal care services and wedding-related services both up 0.56 per cent, worship items up 0.43 per cent and health insurance up 0.09 per cent.

Household equipment and appliances rose 0.26 per cent on stronger shopping demand during the wedding and Tết season. Food and catering services increased by 0.2 per cent, contributing 0.07 percentage points to overall CPI growth, with foodstuffs up 0.29 per cent, food products up 0.09 per cent and dining-out services up 0.44 per cent.

Meanwhile, the medicine and healthcare services group rose 0.19 per cent, while culture, entertainment and tourism prices increased 0.07 per cent amid stronger holiday-related demand. Education prices edged up 0.05 per cent, largely reflecting tuition adjustments at some private, vocational and tertiary institutions.

By contrast, the information and communications group fell 0.15 per cent, with prices of phone and tablet accessories down 0.72 per cent, smartphones and tablets down 0.46 per cent and televisions down 0.09 per cent due to year-end promotions and discount programmes. Telecommunications services declined by 0.29 per cent.

Transport prices dropped 2.32 per cent, pulling overall CPI down by 0.23 percentage points, as petrol and diesel prices fell by 5.34 per cent and 3.23 per cent, respectively. However, stronger year-end travel demand pushed up air passenger fares by 15.18 per cent and rail fares by 4.94 per cent.

The NSO reported that domestic gold prices moved in line with global trends, with the January gold price index rising 5.02 per cent from the previous month and surging 77.1 per cent year on year.

The US dollar price index in the domestic market fell 0.29 per cent month on month but rose 3.18 per cent year on year. Core inflation in January increased by 0.35 per cent from the previous month and 3.19 per cent year on year, outpacing headline CPI growth as food and energy prices were excluded from its calculation. 

Bizhub