VIENTIANE (XINHUA) – Laos recorded the highest year-on-year inflation rate at 36.75 per cent in October, up from 34 per cent in September, according to the latest report from the Lao Statistics Bureau.
These figures represent a significant increase since the beginning of 2022, with rising prices continuing to inflict hardship on people struggling to earn a living.
According to the report released on Saturday from the Lao Statistics Bureau website, the price of food and non-alcoholic beverages has surged by 38.8 per cent year on year, driven by the rising price of rice and other daily food items such as poultry, fish, seafood, eggs, vegetable oil, fruit, and vegetables.
Commercial transport and delivery charges rose by 58.1 per cent compared to the previous month, especially for fuel, which was recorded at 95 per cent in October. The cost of other consumer goods and many other products also rose, including clothing, footwear, construction materials, household items, medical equipment, and medicines.
The price hikes across all types of products have caused more hardship for the public, especially those on low wages.
The Lao government is working with its departments and the private sector to minimise the impacts of price rises on people’s living costs and their financial situation in general.