Inflation in Laos hits 22-year high at 23.6 pct in June
VIENTIANE, July 4– The inflation rate in Laos hit 23.6 percent year-on-year in June, the highest recorded since May 2000, with a surge in the prices of energy and consumer goods. The soaring price of fuel, gas and other imported goods, compounded with the depreciation of the Lao currency kip, are among the main factors driving inflation, local daily Vientiane Times…
VIENTIANE, July 4 (Xinhua) — The inflation rate in Laos hit 23.6 percent year-on-year in June, the highest recorded since May 2000, with a surge in the prices of energy and consumer goods.
The soaring price of fuel, gas and other imported goods, compounded with the depreciation of the Lao currency kip, are among the main factors driving inflation, local daily Vientiane Times reported on Monday quoting the latest report from the Lao Statistics Bureau.
In June, the price of fuel, gas and gold surged by 107.1 percent, 69.4 percent and 68.7 percent year-on-year, respectively.
The consumer price index jumped sharply above expectations and the ceiling rate of 12 percent set by the government.
According to the Lao Statistics Bureau, the highest surge in consumer prices in June this year was recorded in the communications and transport category, at 55.5 percent year-on-year, and followed by household goods (22.3 percent), the goods and service category (29.7 percent), hotel and restaurant category (20.7 percent), and housing, water, electricity and gas category (20 percent).
The prices of food, seasonings, non-alcoholic beverages, clothes, footwear, medicine, construction equipment, vehicles, spare parts and other imported goods rose significantly in the Southeast Asian country.
The kip has continued to depreciate despite the government’s measures to stabilize currency exchange rates.
“Exacerbating the situation, the Russia-Ukraine conflict has resulted in a volatile global fuel market amid fears of a global economic shock and possible food crisis,” said the Vientiane Times report, adding that the price of oil is continuing an upward trend as the government struggles to provide sufficient petrol to meet the public demand.
In June, authorities hiked the price of oil three times, impacting the transport sector and driving up the cost of production and the price of products at local markets.
The country recorded the year-on-year inflation rate at 8.54 percent in March, 9.86 percent in April and 12.8 percent in May. Enditem
