Illustrative image (Photo: Southern Laos) The cost of food and non-alcoholic beverage surged by 31.85%, lower than the 37.81% recorded in July, indicating signs of economic improvement in the country.
The costs of medical care and medicine, and transportation rose by 21.11%, and 17.68%, respectively.
The sectors with the lowest inflation rates in August were household appliances at 0.20%, post and telecommunications (0.57%) and education (0.75%), the bureau said.
Despite the Lao government’ efforts to curb the escalation of goods and service prices, the Southeast Asian nation’s annual inflation rate in May 2022 stood at 12.81% before rising to 23.61% in June 2023. By February 2023, this figure reached as high as 41.3% before gradually decreasing over the last few months.
Depreciation of the Lao currency kip, increasing public debt, and a severe labour shortage are the main factors driving inflation and economic difficulties in Laos, seriously affecting the livelihoods of its people./.
VNA
