Laos sees lower increase in inflation rate in September

10/10/2023 09:19
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KPL (KPL/VNA) - Laos recorded an inflation rate of 25.7% in September 2023, a slight decrease from 25.9% in August, and the lowest for the past 12 months, according to the Lao Statistics Bureau.

(KPL/VNA) - Laos recorded an inflation rate of 25.7% in September 2023, a slight decrease from 25.9% in August, and the lowest for the past 12 months, according to the Lao Statistics Bureau.

According to the bureau, the depreciation of the Lao kip is one of the main factors driving inflation, as one-third of the goods used to calculate price rises are imported.

While inflation has eased since early 2023 in the country, Laos still has one of the highest inflation rates in the region, causing real household incomes to fall for many people, weakening consumption and investment.

In September, the hike in consumer prices was mainly driven by the hotel and restaurant category, which showed a 34.4 % rise year-on-year.

This was followed by the clothing and footwear category at 29.7 percent, food and non-alcoholic beverage category at 29.4 %, household goods at 24.3 %, and alcohol and tobacco category at 23.4 %.

In addition, the cost of the medical care and medicines category rose by 21.1%, while the cost of the communications and transport category went up 20.7 %.

The Lao Ministry of Industry and Commerce has collaborated with local companies to sell commonly used consumer items at lower prices, as part of its efforts to alleviate the impact of rising food prices.

At the regular Government meeting for September, Lao Prime Minister Sonexay Siphandone outlined measures to address the problems of inflation, exchange rates, commodity prices, and foreign debts.

KPL

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