Hanoi, Vietnam (AHN) – Inflation surged by 23 percent in Vietnam in August, the highest rate in Asia.

Vietnam’s consumer-price inflation index rose by 23.03 percent compared to the same period last year, according to the country’s General Statistics Office (GSO). In July, the CPI rose by 22.16 percent.

A representative for the General Statistics Office attributed the increases to higher prices for food and fuel, with prices for food and drink increasing by a whopping 34 percent. In addition, dollar-pegged currencies are causing more inflation in prices of many commodities as the U.S. dollar continues to weaken.

The increase in CPI came despite actions taken by the central bank and the government to tighten monetary and fiscal policy to curb inflation and stabilize the economy.

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