Vientiane: The inflation rate in Laos climbed to 40.3 per cent year-on-year in January 2023, the highest in 23 years, with a surge in energy and consumer goods prices.
According to a report issued by the Lao Statistics Bureau on Monday, the soaring price of fuel, gas and other imported goods, compounded with the depreciation of the Lao currency kip, are among the main factors driving inflation, reports Xinhua news agency.
The price of communications and transport rose 49.9 per cent, affecting both the cost of production and the cost of living.
Meanwhile, the price of food and non-alcoholic beverages category jumped 47.1 per cent. The cost of medical care and medicine increased 42.2 per cent. The cost of household utilities gained 34.2 per cent.
According to the report, the cost of the hotel and restaurant category surged 34 per cent. The cost in the alcohol and tobacco category rose 26.3 per cent.
In addition, the cost of housing, water, electricity, and gas category rallied 26 per cent. The cost of clothing and footwear increased 24.9 per cent.
Inflation in Laos has increased significantly since the beginning of 2022, with rising prices continuing to inflict hardship on people.
The annual average inflation rate in the Southeast Asian country was 23 per cent in 2022, jumping from 3.8 per cent in 2021.
In response to the economic woes, the Lao government has outlined the 2023 work plan, vowing to take stronger action to revitalize the stagnant economy, notably by stabilizing currency exchange rates, curbing inflation, and amassing more revenue to boost its spending power, according to the report.
–IANS
Comments are closed.