Inflation in Laos Drops Slightly in March

28/03/202428/03/2024 Karlo 520 Views inflation rates Laos

Laos recorded an inflation rate of 24.98 percent in March, compared to 25.35 percent in February, the Lao Statistic Bureau said on Wednesday.

The weak kip is seen as one of the main factors driving inflation, the agency said in a report.

In March, the highest price rise was recorded in the clothing and footwear sector, at 36.23 percent year-on-year, followed by the hotel and restaurant at 35.90 percent, and the medical care and medicines at 34.61 percent.

Other sectors driving inflation included alcohol and tobacco with a price hike recorded at 26.42 percent year-on-year, household goods at 26.39 percent, food and non-alcoholic beverages at 23.61 percent, and communications and transportation at 23.58 percent.

The Lao central bank is hoping to see the inflation rate drop to a single-digit figure by 2024.