Despite the Lao Government's efforts to lower prices of goods and services, the inflation rate in the country remained high in 2023, averaging 31.2%, according to the Lao Statistics Bureau.
Vientiane (VNA) – Despite the Lao Government's efforts to lowerprices of goods and services, the inflation rate in the country remained high in 2023, averaging 31.2%,according to the Lao Statistics Bureau.
The bureau’s report shows that the Southeast Asian country's inflationrate in December dropped 0.84% from the previous month to 24.4%.
The weak kip is seen as one of the main factors driving inflation,while low domestic production capacity and high import values have increasedpressure on the exchange rate, the report said, adding that the control andregulation of domestic goods prices has not met expectations.
According to the report, the sectors witnessing the largest price increase inDecember were hotels and restaurants, up to 35.9% year-on-year. They werefollowed by the clothing and footwear industry (up 33.4%), health care and medicine(up 29.5%), household appliances (25.9%), alcohol and tobacco (25.1%), and foodand non-alcoholic drinks (24%).
The State Bank of Laos said that although export and tourism sectors have shown an upward trend, the country continues to face challenges due to its large importvalues and foreign debt, and it will be vulnerable to external influences,including conflicts in the Middle East and other parts of the world.
To deal with the above-mentioned problems, the State Bank of Laos will continueto tighten monetary policy and take measures to stabilise the value of the kip –the key factors in regulating prices of goods and services.
The bank also pledged to regulate foreign currency and ensure more revenuesfrom exports, and more investments in the country through its banking system./.
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.
The authorities of Vientiane capital has urged the private sector to cooperate in implementing urgent measures to address economic and financial difficulties relating to inflation, rising exchange rates and foreign debt.
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Illustrative image (Photo: Southern Laos) 
