VIENTIANE, Feb 3 (Xinhua): Laos' annual average inflation rate was 23 per cent in 2022, jumping from 3.8 per cent in 2021, according to a report issued by the Lao Statistics Bureau official data.
The soaring price of fuel, gas and other imported goods, compounded with the depreciation of the kip, the Lao currency, is among the main factors driving inflation, according to the report.
The price of food and non-alcoholic beverages category rose by 22 per cent on average in 2022. The cost of medical care and medicine increased by 27.6 per cent.
The price of the communications and transport rose by 41.3 per cent. The cost of the hotel and restaurant category surged by 18.8 percent. The cost in the alcohol and tobacco category rose by 14.2 per cent.
In addition, the cost of clothing and footwear category surged by 16.3 per cent. The cost of housing category surged by 16.4 percent. Meanwhile, the cost of household utilities rose by 18.7 per cent.
Inflation in Laos has increased significantly since the beginning of 2022, with rising prices continuing to inflict hardship on people struggling to earn a living.
The inflation climbed from 6.25 per cent in January to 7.31 per cent in February, 8.54 per cent in March, 9.87 percent in April, and 13.81 per cent in May.
The inflation rate was 23.6 per cent in June, 25.55 per cent in July, 30.01 per cent in August, 34.05 per cent in September, and 36.75 per cent in October. It increased from 38.46 per cent in November to 39.3 per cent in December, according to the report. - Xinhua