Source: the Star
Laos recorded an inflation rate of 24.44 per cent in January 2024, a slight increase from 24.37 per cent in December 2023, according to the latest report from the Lao Statistics Bureau.
According to a report released by the bureau on Wednesday (Feb 7), the highest price rise in January was recorded in the hotel and restaurant category, which stood at 35.98 per cent year-on-year.
Other categories driving inflation included the clothing and footwear category at 33.38 per cent year-on-year, medical care and medicines at 31.03 per cent, the food and non-alcoholic beverage category at 25.26 per cent, and the household goods category at 24.50 per cent.
The surge in demand during the festive season led to an increase in the prices of food and alcoholic drinks, which is one of the main factors driving inflation, according to the report.
Laos’ inflation dropped from 40 per cent in mid-2022 to 24.37 per cent 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 9 per cent or another