VIENTIANE – Inflation in Laos jumped to 30.1% year-on-year (y-o-y) in August from 25.6% in July, according to the latest report from the Lao Statistics Bureau.
The higher prices of fuel and consumer goods and the continuing depreciation of the Lao currency are among the main factors driving inflation.
The price of food and non-alcoholic beverages has surged by 30.2% y-o-y including that of daily essentials like rice, starch, meat, fat, vegetable oil, fruits, and vegetables.
According to the report issued yesterday, costs in the communications and transport category rose by 51.7% y-o-y in August.
In addition, the cost of housing, water, electricity and gas categories surged by 20.5% y-o-y, the report said.
In response to the economic woes, the Laotian government has reiterated its pledge to avoid default by adopting more proactive measures to address the country’s economic problems.
Vientiane instructed relevant agencies late last month to take stronger actions to address macroeconomic vulnerability, improve investment climate and debt repayment, and mitigate natural disasters. – Bernama, September 7, 2022
