Inflation In Laos Hits 18-Year High At 12.8 Percent In May

VIENTIANE, Laos’ inflation rate climbed to 12.8 percent in May, on a yearly basis, the highest in 18 years, according to the latest report from the Lao Statistics Bureau.

The fuel crisis, with petrol stations across the country running dry, and the continuing depreciation of the kip, are among the main factors driving inflation.

The surge in the consumer price index survey, which measures the prices of various goods, was the largest after the year-on-year inflation rate hit 12.9 percent in Feb, 2004.

The price of consumer goods jumped faster than expected over the past eight months, with the high cost of fuel, food and other essentials placing a great burden on ordinary people.

In May, 2022, the price of fuel surged by 92.6 percent year-on-year, affecting both the cost of production and the cost of living.

The price of gas, gold and steel jumped by 39.7 percent, 48.5 percent and 68 percent, year-on-year, respectively.

In Jan, 2022, the year-on-year inflation rate was recorded at 6.25 percent, rising to 7.31 percent in Feb, 8.54 percent in Mar, and 9.86 percent in Apr. According to the Lao Statistics Bureau, costs in the communications and transport category rose by 6.2 percent, month-on-month, and 34.5 percent, year-on-year, in May.

In the meantime, prices in the goods and service category surged by 3.9 percent, month-on-month, and 20.6 percent, year-on-year. The cost of medical care and medicines increased by 1.8 percent, month-on-month and 13 percent, year-on-year.

The cost of food and non-alcoholic beverages increased by 3.2 percent, month-on-month and 8.2 percent, year-on-year.

Meanwhile, the cost of clothing and footwear rose by 2.2 percent, month-on-month and 11.7 percent, year-on-year, according to the report.

Source: Nam News Network