Inflation Rate in Laos Continues to Soar in February at 41.3%
Inflation in Laos increased to 41.3% in February, according to information from the Lao Statistics Bureau (LSB). This is slightly higher than January’s inflation rate of 40.3%.
Despite welcoming a slew of international visitors, the country continues to suffer from an increase in inflation rates, adversely impacting the cost of living of its residents.
In February this year, the price of food and non-alcoholic beverages rose by 49.3 percent while alcohol and cigarettes went up to 26.4 percent.
Medicines and medical care prices surged by 42.4%, while hotel and restaurant services increased by 36.2%. The cost of housing, water, electricity, and cooking gas jumped by 28.3%. Transportation costs in the country increased by 47.4% as well.
The province of Khammouane reported the highest inflation rate at 49.82%, followed by Vientiane Province at 47.18% and Luang Prabang at 45.09% in February.
The LSB expects that the prices of goods and commodities will increase slightly in March, while the inflation rate will be around the same as recorded in February.
The LSB and Bank of the Lao PDR (BOL) announced their plans to identify and address the cause of the rising prices of goods in the country in a recent meeting last month.