Inflation poised to climb 2 pct in March: report

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Vietnam's inflation is expected to rise 2 percent in March as recent hikes in electricity and fuel prices have sparked a corresponding rise in consumer prices, VnExpress reported Saturday.

The news website cited the Ministry of Industry and Trade as saying that local prices are under a huge upward pressure due to the rising price of materials on the world market, including crude oil.

The consumer price index rose 2.09 percent in February from January. Last month, annual inflation rate reached a two-year high of 12.17 percent.

Vietnam raised gasoline and diesel prices by up to 24 percent at the end of February and power prices increased by 15.3 percent on March 1.

Experts have said the government's plan to keep inflation at or below 7 percent this year will be difficult to achieve. ANZ said the country's inflation may be "near 10 percent" at the end of the year.

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