VIENTIANE (Xinhua): Inflation in Laos increased to 25.35 per cent year-on-year in February from 24.44 per cent in January, according to the latest report from the Lao Statistics Bureau.
The higher prices of fuel and consumer goods and the continuing depreciation of the Lao currency kip are among the main factors driving inflation, according to a report released by the bureau on Monday.
The highest price rise in February was recorded in the hotel and restaurant category, which stood at 35.13 per cent year-on-year, followed by the clothing and footwear category at 35.12 per cent, the medical care and medicines category at 32.46 per cent, and the household goods category at 25.76 per cent.
According to the report, Food and non-alcoholic beverages saw a 25.49 per cent price spike, while communications and transportation saw a 22.59 per cent increase.
Laos' inflation dropped from 40 percent in mid-2022 to 24.37 percent in December 2023.
While inflation has eased since early 2023, the South-East Asian country still has one of the highest inflation rates in the region, causing real household incomes to fall for many people, and weakening consumption and investment.
The Lao central bank, the Bank of the Lao PDR (BOL), will attempt to lower the rate of inflation to nine percent or another single-digit figure by the end of 2024. - Xinhua
