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Inflation in Laos reaches 5.3 percent in December 2021

The inflation rate in Laos in December was higher than any other months in 2021, climbing to 5.3 percent, directly impacting the cost of living in the country.
Inflation in Laos reaches 5.3 percent in December 2021 ảnh 1The inflation rate in Laos in December was higher than any other months in 2021, climbing to 5.3 percent. (Photo: Laotian Times)
Hanoi (VNA) - The inflation rate in Laosin December was higher than any other months in 2021, climbing to 5.3 percent,directly impacting the cost of living in the country.

The Laotian Times cited statistics by the LaoStatistics Bureau showing that the inflation rate in October was 4.72 percent, and in November was 5.04 percent.

Transportation cost increased 12.7 percent, while pricesof hotel and restaurant services expanded by 8.3 percent, health care and drug wereup 8.2 percent, and goods and services increased by 7.9 percent.

Alcohol and tobacco prices also went up by 6.8 percent. Utilitiessuch as water, electricity and cooking gas all jumped by 5.8 percent. Clothingand footwear went up by 5.4 percent, and furniture price increased by 4.9percent.

Inflation has been worsened due to a lack of domesticproduction, border closures, loss of tourism revenue, and a disrupted globalsupply chains caused by the COVID-19 pandemic.

The majority of Laos’ products are imported, creatinga trade deficit, while demand for foreign currency (Thai Baht and US dollar) isincreasing, causing the local currency (LAK) to depreciate./.

VNA
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