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(KPL) Inflation in Laos increased to 25.8 percent in October from 25.69 percent in September, according to the press conference from the Lao Statistics Bureau on Wednesday.
(KPL) Inflation in Laos increased to 25.8 percent in October from 25.69 percent in September, according to the press conference from the Lao Statistics Bureau on Wednesday.
Laos 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.
In October of 2023, the consumer prices was mainly driven at 34.57 percent by the hotel and restaurant category.
The depreciation of the Lao currency kip is one of the main factors driving inflation, as one-third of the goods used to calculate price rises are imported.
The food and non-alcoholic beverage category at 29 percent, the clothing and footwear category at 28.12, and the alcohol and tobacco category at 27.30 percent.
The cost of the medical care and medicines category stood at 24.49 percent, while the cost of household utilities stood at 24.37 percent.
The Bank of the Lao PDR (BOL) will attempt to lower the rate of inflation to 9 percent or another single-digit figure by the end of 2024, by ensuring that the income earned from exports enters the banking system, Governor of BOL Bounleua Sinxayvoravong speaking at the ongoing sixth ordinary session of the National Assembly's ninth legislature on Tuesday.
KPL
