April 24 (Bloomberg) — the inflation of the accelerated Viet Nam the fastest rate since 2008, putting pressure on the Government to tighten policy more after nearly doubling interest key within six months.
Consumer prices climbed 17,51% in April from the previous year, according to figures published today by the General statistical office in Hanoi. The rate is the highest since December 2008 and compares with pace 13.89 percent last month. Prices rose 3.32% in April by the March.Policy officials increased the redemption rate to 13 percent from 7 percent in November and cut the target for the growth of the 2011 credit to tame inflation and regain investors confidence in the ability of the Government to prevent the economy from overheating. Yet, food and products constitute an important part of the household expenditure and an increase in gasoline and costs of power will be stoking inflation, Standard & Poor said this month.Inflation shows few signs of responding to fiscal and monetary austerity immediately, "said Bill Stoops, investment officer head manager of funds based in Ho Chi Minh-City, capital of the Dragon. "Public policies aimed at slowing inflation works with a lag effect."The inflation rate may peak at nearly 20 per cent before relaxing to approximately 13% at year end, according to U.K. list of Viet Nam property Fund Ltd., which is managed by the cost of borrowing Central Bank raised the Capital.Vietnam Dragon for the second time within a month on 1 AprilWhen the refinancing rate has increased by 13% to 12%. The repurchase rate has been raised at the same level.Redemption rate of political RateThe in which the Central Bank conducts open market operations is rate of key policies of the Viet Nam, according to Santitarn Sathirathai, an economist based in Singapore to the Credit Switzerland Group AG, which expects an increase of 14% at the end of the year.In addition to Sathirathai rate increases may stimulate the burden of debt, said in a research note. Market loan rates are as high as 21 per cent, according to the Viet Nam Property Fund. "This concern will put a cap on how the State of the Viet Nam Bank is willing to increase interest rates, forcing them to use other tools to tighten monetary policy,"he says, citing quantitative controls on the growth of credit and money.Vietnamese inflation is not only the result of global influences with a strong domestic demand, expanded money supply and a weaker dong all contributors, said Sathirathai.Une Government's decision to allow prices to be adjusted as often as all three months according to market conditions can report a new increase in the price of electricity from more than 40 percent in June, according to Viet Capital Securities. Electricity prices have increased by about 15 percent in March. "According to the Ministry of finance, the most recent adjustment was insufficient to adapt perfectly to the market rates,"Marc Djandji, head of research for capital Viet, said in a note on 18 April.-Folkmanis Jason Ho Chi Minh City. Editors: Stephanie Phang, k. Oanh Ha
To contact the reporter on this story: Jason Folkmanis to Ho Chi Minh City to the folkmanis@bloomberg.net
To contact the editor responsible for this story: Stephanie Phang to the sphang@bloomberg.net
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