Laos' inflation drops slightly to 25.24% in November

One of the most positive aspects is that Laos registered a trade surplus of more than US$943 million in the first nine months of 2023. - VT

VIENTIANE: Laos recorded an inflation rate of 25.24 per cent in November, a slight decrease from 25.8 per cent in October, according to the latest report from the Lao Statistics Bureau.

The weak kip is seen as one of the main factors driving inflation, according to a report released by the Lao Statistics Bureau on Monday (Nov 27).

The highest price rise in November was recorded in the hotel and restaurant category, which stood at 35.2 per cent year-on-year. The prices of cooked food such as grilled fish, spicy meat salad and noodle soup, as well as the cost of beer, wine and other alcoholic beverages drove prices in this category.

Other categories driving inflation included the clothing and footwear category at 31.8 per cent year-on-year, medical care and medicines at 26.5 per cent, the food and non-alcoholic beverage category at 26.4 per cent, the household goods category at 25.3 per cent, the alcohol and tobacco category at 24.5 per cent, and the communications and transport category at 22.1 per cent.

The cost of goods and services has tended to rise more slowly in recent months after inflation hit its peak at 41.26 per cent in February.

One of the most positive aspects is that Laos registered a trade surplus of more than US$943 million in the first nine months of 2023, with exports reaching more than $5.95 and imports valued at $5.01 billion, according to the report.

At a cabinet meeting last week, the Lao government vowed to ensure that exports are paid for through the banking system in Laos so that more foreign currency enters the country.

The government is attempting to stabilise exchange rates, modernize the revenue collection system to increase the national income, and boost exports while restricting the import of luxury items.- Xinhua