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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Vietnam inflation reaches 22.97 percent in 2008 AFP - 26 minutes ago HANOI (AFP) - - Vietnam's consumer prices rose by 22.97 percent in 2008, compared to 8.3 percent in 2007, the state-run General Statistics Office (GSO) said Thursday. Food prices were up by 49.16 percent, housing and construction materials by 20.51 percent, and beverage and tobacco by 10.75 percent. However year-on-year in December, inflation fell to 19.89 percent, after a 24.2 percent year-on-year rise in November. Inflation has been slowing since August, when it peaked at 28.3 percent. For the third consecutive month, prices have fallen on a monthly basis, by 0.68 percent between November and December. The fall comes amid lower world commodity and energy prices and domestic fuel price cuts. Vietnam, after more than a decade of rapid economic growth, has struggled to contain inflation in 2008. Earlier this year, the state bank raised its benchmark rate several times, from 8.25 percent to 14 percent. But has recently been reversing its policy, last Monday cutting its rate for the fifth time since late October, as small and medium enterprises appeared hardly hit by difficult access to credit and the initial effects of the world economic turmoil. Vietnam, a major exporter of manufactured goods such as clothing and footwear as well as commodities including rice, coffee and seafood, has already been hit by downturns in the US, Europe and other markets. On Wednesday the government announced GDP growth of 6.23 percent this year, below a target of around 6.5 percent, according to state television. Prime Minister Nguyen Tan Dung said the "focus" next year would be to "ensure social security and maintain growth," to reach a similar target of 6.5 percent GDP growth in 2009. To this purpose, the State bank also decided Thursday to "adjust" the value of the national currency, fixing the dong at 16,989 per dollar -- a devaluation of three percent compared to Wednesday's rate of 16,494 dong per dollar. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Dollar slips against yen in Christmas tradeAFP - 23 minutes ago Vietnam inflation reaches 22.97 percent in 2008AFP - 26 minutes ago China to let yuan be used in some export dealsAP - 2 hours 13 minutes ago China unveils new measures to boost trade, consumption: state mediaAFP - Thursday, December 25 Related Articles: Business Dollar slips against yen in Christmas tradeAFP - 23 minutes ago Vietnam inflation reaches 22.97 percent in 2008AFP - 26 minutes ago Kamezaki:BOJ should eye longer-term rates if neededReuters - 34 minutes ago Turkey - Factors to Watch on Dec 25Reuters - 34 minutes ago Takeda to cancel 3.1 pct of own shares outstandingReuters - 39 minutes ago Enlarge Photo Vietnam inflation reaches 22.97 percent in 2008 Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 French investor takes life after massive losses in Madoff scandal Housing market feels more pain, bottom not yet in sight Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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