The consumer price index rose 0.29% in May.

The General Statistics Office of the Ministry of Finance announced on the morning of June 3rd that the consumer price index (CPI) for May 2026 increased by 0.29% compared to the previous month due to rising electricity and water prices, high demand during hot weather, and increases in construction material prices, rental housing prices, and gasoline prices. The CPI for May 2026 increased by 3.61% compared to December 2025 and by 5.6% compared to the same period last year. Overall, for the first five months of 2026, the CPI increased by 4.31% compared to the same period last year; core inflation increased by 4.04%.

A stall at Co.opmart Rach Mieu supermarket ( Ho Chi Minh City). Photo courtesy of Hong Dat/TTXVN.

Compared to the previous month, the CPI in May 2026 increased by 0.29% (0.31% in urban areas; 0.28% in rural areas). Of the 11 main consumer goods and services groups, 10 groups saw price increases, while the price index for food and food services decreased.

Accordingly, the General Statistics Office pointed out the factors contributing to the increase in the CPI in the first two months of 2026; these are: the price index of the housing and construction materials group increased by 6.64% compared to the same period last year, impacting the overall CPI by 1.51 percentage points. Specifically, the price index of rental housing increased by 6.41% due to increased maintenance and operating costs; housing maintenance materials increased by 14.2% due to increased construction material prices and increased demand for housing construction and repair; and the price of household electricity increased by 5.84% due to increased electricity demand and EVN's adjustment of the average retail electricity price from May 10, 2025. The price index of the transportation group increased by 5.22%, contributing 0.52 percentage points to the overall CPI, with fuel prices increasing by 8.88%, mainly due to increased gasoline and diesel prices.

The price index for food and beverage services increased by 4.77%, contributing 1.71 percentage points to the overall CPI increase. Specifically, the price index for pork increased by 5.32%, contributing 0.23 percentage points to the overall CPI increase, mainly due to limited supply during holidays and high livestock production costs; the price index for poultry increased by 4.54%; and the price index for eating out increased by 6.57%, contributing 0.61% to the overall CPI increase, due to rising raw material and service costs.

Compared to the same period last year, the fuel price index in January 2026 and February 2026 decreased by 9.62% and 8.38% respectively, while in March 2026, April 2026, and May 2026 increased by 21.6%, 21.47%, and 25.12% respectively.

The price index for the education group increased by 3.28%, contributing 0.2 percentage points to the overall CPI increase, due to tuition fee adjustments by some private, vocational, and independent schools for the 2025-2026 school year. The price index for the beverages and tobacco group increased by 3.38%, contributing 0.06 percentage points to the overall CPI increase. The price index for household equipment and supplies increased by 2.53%, contributing 0.13 percentage points to the overall CPI increase.

The price index for the culture, entertainment, and tourism group increased by 2.22%, while the clothing, hats, and footwear group increased by 1.91%, both contributing to a 0.07 percentage point increase in the overall CPI.

Besides the factors that contribute to the CPI increase, there are also factors that contribute to the CPI decrease in the first five months of 2026, such as: the price index for the information and communication group decreased by 0.06% compared to the same period last year due to lower prices of some technology equipment thanks to abundant supply and increased competition among distributors.

According to the General Statistics Office, domestic gold prices fluctuate in line with world gold prices. As of May 27, 2026, the average world gold price for May was $4,619.18 per ounce, a decrease of 2.4% compared to April. In May, world gold prices fell due to profit-taking after a period of strong increases and a more stable market sentiment, reducing the demand for safe-haven assets.

Domestically, the gold price index in May decreased by 4.11% compared to the previous month, mainly due to gold prices being adjusted downward by businesses in line with world gold prices. Compared to the same period last year, the gold price index increased by 33.87%; compared to December 2025, it increased by 6.27%; and the average for the first five months of 2026, the gold price index increased by 65.97%.

The domestic US dollar exchange rate fluctuates in line with the global rate. As of May 27, 2026, the average USD index on the international market for May reached 98.62 points, a slight decrease of 0.01 points compared to April, due to market expectations that the US Federal Reserve (FED) may cut interest rates in the near future.

Domestically, the average US dollar exchange rate on the free market is around 26,375 VND/USD. The US dollar price index in May increased by 0.02% compared to the previous month due to increased domestic demand for foreign currency; increased by 0.78% compared to the same period last year; decreased by 0.28% compared to December 2025; the average US dollar price index for the first five months of 2026 increased by 1.99%.

According to the General Statistics Office, core inflation in May 2026 increased by 0.34% compared to the previous month and by 4.67% compared to the same period last year. The average for the first five months of 2026 is 4.04% year-on-year, lower than the 4.31% increase in the overall CPI due to significant fluctuations in gasoline, gas, and food prices, which contributed to the overall CPI increase, while these factors are excluded from the calculation of core inflation.

Source: https://baotintuc.vn/thi-truong-tien-te/chi-so-gia-tieu-dung-thang-5-tang-029-20260603094639409.htm