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Vietnam's inflation soars to six-month high despite cooling measures

Published on Nov 24, 2012 4:12 PM
A cyclist rides past unfinished houses at a development project on the western outskirts of Hanoi, tangible signs of a slowdown.  Vietnam is trying to balance the need to stimulate growth and rein in inflation, which this month picked up to its fastest pace in six months, by adjusting its key rates. -- PHOTO: AFP

HANOI (AFP) - Vietnamese inflation picked up to the fastest pace in six months in November, official data showed on Saturday, adding to the economic challenges facing the country's Communist rulers.

Consumer prices gained an estimated 7.08 per cent this month from a year earlier, following a 7 per cent rise last month, according to the General Statistics Office. It was the sharpest increase since May.

Month-on-month, prices edged up 0.47 per cent this month.

"The government is really struggling to curb inflation while pushing economic growth," said a senior manager at one of Vietnam's major private banks who did not want to be named.

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