Illustrative image (Photo: Southern Laos)The cost of food and non-alcoholic beverage surged by 31.85%, lowerthan the 37.81% recorded in July, indicating signs of economic improvement inthe country.
The costs of medical care and medicine, and transportation roseby 21.11%, and 17.68%, respectively.
The sectors with the lowest inflation rates in August werehousehold appliances at 0.20%, post and telecommunications (0.57%) andeducation (0.75%), the bureau said.
Despite the Lao government’ efforts to curb the escalation of goodsand service prices, the Southeast Asian nation’s annual inflation rate in May2022 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 lastfew months.
Depreciation of the Lao currency kip, increasing public debt,and a severe labour shortage are the main factors driving inflation and economicdifficulties in Laos, seriously affecting the livelihoods of its people./.
VNA
