Consumer prices rose 4.44% in May from a year ago, compared with 4.40% in April, according to data published by the General Statistics Office on Wednesday. That’s the highest level since January 2023, and compares with the median 4.50% price gain predicted in a Bloomberg survey of economists.

Increases in pork prices and electricity costs are the main factors that drove inflation higher in May, the statistics office said in a separate statement on its website.

Inflation has stayed above the 4% mark for a second straight month, even as the local currency’s fall to a record low against the dollar this month makes imports costlier.

The State Bank of Vietnam raised the reverse repurchase rate to 4.5% last week, in a move to stabilise the dong, and fuelling bets it may increase its benchmark rates to support the currency.

Other data released Wednesday showed exports rose 15.8% in May from a year ago, faster than the 10.6% estimated in the Bloomberg survey, while imports surged 29.9% versus the estimated 20%. That swung the trade balance to a $1 billion deficit during the month from a surplus of $680 million in the previous month.