HANOI, Dec 25: Vietnam’s consumer prices rose by 23 per cent in 2008, sharply up from eight per cent in 2007, the state-run General Statistics Office (GSO) said on Thursday.

Food prices almost doubled, the cost of housing and construction materials rose by more than 20 per cent, and beverage and tobacco by more than 10 per cent.

However year-on-year in December, inflation fell to less than 20 per cent. It has been slowing since August, when it peaked at more than 28 per cent.

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 8.25pc to 14pc, but has recently reversed its policy.—AFP