- Representational photo.
VIENTIANE: Inflation in Laos increased to 5.6 per cent in December, up from 4.8 per cent in November, according to the latest report from the Lao Statistics Bureau.
Rising costs of clothing and goods linked to exchange rate movements were among the main factors driving inflation in December, according to a report released by the bureau on Tuesday (Dec 30).
The highest price rise in December was recorded in the goods and services category, which stood at 29.2 per cent.
Other categories driving inflation included the housing, water, electricity and gas category at 18.1 per cent, the medical care and medicines category at 14.4 per cent, and the education category at 11.4 per cent.
The Lao government reaffirmed its commitment to prioritising inflation control and will strengthen mechanisms and measures to address unresolved issues.
These include boosting domestic production for local consumption and export to reduce imports and limit foreign currency outflows.
The government will also work to increase foreign currency reserves to help ease exchange rate volatility and inflationary pressures.
Meanwhile, the Lao central bank is set to intensify efforts to address key economic and financial challenges, with the goal of achieving a single-digit inflation rate in 2025. - Xinhua
