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VCSC Daily - Inflation, surprise of the day

Preliminary figures show a CPI surprise drop for March – HCMC March CPI was up by 0.12% MoM and Hanoi CPI was by 0.19% MoM. CPI figures out the two major cities indicate that price momentum has slowed and that the brunt of the 7.5% gasoline price hike will most likely be felt in April. We are increasingly positive that nationwide CPI for March could be below 0.42% (March’s 10-year average). This would remove ~200bps to the YoY figure which would end March at 14.4% from 16.4% in February. We beli