Monday, June 24, 2024
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Inflation in Laos accelerates to 9.9 per cent in April

VIENTIANE (XINHUA) – Inflation in Laos increased to 9.9 per cent year-on-year in April from 8.5 per cent in March, mainly due to the higher prices of fuel, consumer goods and the continuing depreciation of the Lao kip.

Inflation jumped from 6.25 per cent in January to 7.3 per cent in February, reaching 8.5 per cent in March, according to the latest statistics from the Lao Statistics Bureau.

Increases in global oil prices as a result of the conflict between Russia and Ukraine have hit fuel-importing countries hard, leading to increases in domestic fuel rates of up to 86.3 per cent in Laos.

Rising oil prices are impacting the transport price index, causing an increase in the price of goods that depend on fuel for their production or transport. In addition, the price of gold has increased to 36.8 per cent.

Along with rising inflation and currency depreciation, residents of Laos are struggling with a rising cost of living.

The Lao government has held several consultative meetings in recent weeks to find solutions to its economic woes, as well as inviting representatives from the private sector to assist in brainstorming ideas.