Year-on-year inflation in Laos increased to 9.9 percent in April, according to the latest statistics from the Lao Statistics Bureau.
Inflation jumped from 6.25 percent in January to 7.3 percent in February, reaching 8.5 percent in March.
The latest information from the Lao Statistics Bureau puts inflation at 9.9 percent in April, with no signs of slowing down.
The main drivers of inflation for Laos, which has one of the highest rates of inflation in Southeast Asia, are increases in commodities such as fuels and other imported items.
Increases in global oil prices as a result of the conflict between Russia and Ukraine have hit fuel-importing countries hard, leading to increases in domestic fuel rates of up to 86% in Laos.
The country’s ability to manage inflation has been hampered by the continued depreciation of the Lao kip.
The Government of Laos has held several consultative meetings in recent weeks to try to find solutions to its economic woes, as well as inviting representatives from the private sector to assist in brainstorming ideas.
Along with rising inflation and currency depreciation, residents of Laos are struggling with a rising cost of living.
The government agreed in principle to a minimum wage increase during its April cabinet meeting.