Consumer prices rose 18.12 percent this month from a year earlier, Nguoi Lao Dong newswire reported today, citing Minister of Planning and Investment Bui Quang Vinh. That is higher than the government’s revised 2011 target of about 18 percent.

Policy makers aim to reduce the pace of price gains to less than 10 percent next year.

The central bank raised its refinance rate by 1 percentage point in October to 15 percent, the highest level since 2008, data compiled by Bloomberg show.

“The government aims to curb inflation, so interest rates may not decline soon,” said Cao Tan Phat, Ho Chi Minh City- based analyst at ACB Securities Inc.

Yields on the five-year debt rose three basis points, or 0.03 percentage point, to 12.49 percent, according to a daily fixing from banks compiled by Bloomberg.

The dong gained 0.2 percent to 21,010 per dollar as of 4:00 p.m. in Hanoi Thursday, according to data compiled by Bloomberg. The central bank set the reference rate at 20,813, unchanged since Dec, its website showed. The currency is allowed to trade up to 1 percent on either side of the official rate. (Thanhniennews)