Worries about the soaring cost of living are being felt across Asia, but in few places is there more concern than in Vietnam, where the government last week said the annual inflation rate had hit 14.1 percent, its highest since 1995.
On Jan. 30 the central bank raised its various official interest rates by up to 1.5 percentage points to try to prevent an inflationary spiral.
The country is suffering from the worldwide surge in the cost of fuels and foodstuffs -- food prices are up by a whopping 22 percent year-on-year. But the inflationary spike is also partly the consequence of a prolonged boom: Vietnam's economy grew by around 8.5 percent last year, one of Asia's most impressive rates, having grown by an average of 7.5 percent annually in the previous decade.
more info ->Cost-of-living increases of concern in Vietnam:
On Jan. 30 the central bank raised its various official interest rates by up to 1.5 percentage points to try to prevent an inflationary spiral.
The country is suffering from the worldwide surge in the cost of fuels and foodstuffs -- food prices are up by a whopping 22 percent year-on-year. But the inflationary spike is also partly the consequence of a prolonged boom: Vietnam's economy grew by around 8.5 percent last year, one of Asia's most impressive rates, having grown by an average of 7.5 percent annually in the previous decade.
more info ->Cost-of-living increases of concern in Vietnam:
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