With regard to world commodity prices, Camen (2006) estimates that movements in petrol
and rice prices explain 21 percent and 11 percent respectively of the forecast variance of CPI
inflation after twelve months. Minh (2009) also finds that oil prices have a significant impact
on consumer price inflation. More recently Nguyen, Cavoli and Wilson (2012) use a range of
time series estimation techniques and conclude that the money supply, oil prices, and rice
prices present the strongest influences on CPI inflation in Vietnam.