Laos’ inflation posts two-digit growth

Illustrative image (Source: Laoedaily)

Vientiane (VNA) – Laos’ inflation increased to arecord of 12.8 percent in May against the same period last year, according tothe latest statistics from the Lao Statistics Bureau.

The increase was attributed to the conflict between Russia andUkraine that has led to a worldwide shortage of crude oil supply, pushing upglobal oil prices.

The agency said the country had to increase fuel pricestwice in May. Therefore, the oil price in May went up by 92.6 percentyear-on-year. In addition, the continued devaluation of the local currency kip madethe price of imported goods increase sharply.

These factors caused higher costs of production and living, hencean increase in prices of all commodities.

In a bid to tackle economic difficulties facing the country,a steering committee has been established to put forth solutions to secure adequate fuel, regulate commodity prices, stabilise the supply of foreigncurrency, and manage exchange rates./.

VNA