HANOI (AFP) — Vietnamese inflation rocketed 17.61 percent year-on-year in the first four months of 2008, official figures showed Friday, driven by sharp spikes in food, housing and construction material.
The General Statistics Office said the hike in the consumer price index was underpinned by food and beverage prices, which make up over 40 percent of the CPI basket, and rose 27.91 percent against the same period last year.
Rice and other grains increased by 25.5 percent while the cost of other foodstuffs went up 29.69 percent.
Housing and construction material prices gained 19.08 percent year-on-year.
Inflation, which is higher than the 16 percent registered in the first quarter, has led to public complaints and labour strikes in Vietnam.
Vietnam initially wanted to keep inflation below GDP growth in 2008, but the Government, which has recently cut its growth target for the year to 7 percent, now says this would be impossible.
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