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Friday, July 19, 2024

Inflation Rate Hits 12.8 %

This Week

The rate of inflation in Laos reached 12.8% in May, the highest point in 15 years.

According to information provided by the Bank of Laos, inflation has now increased to a five-year high after reaching 10% in January 2016.

Increases in the pricing of major commodities such as oil and other imported items are the main causes of inflation in Laos, which has one of the highest rates of inflation in Southeast Asia.

In May 2022, there was a 3.3 percent increase over the course of a month, but an 11.3 percent gain over the same period last year.

The government will open the third ordinary session of the National Assembly (Ninth Legislature) of Laos on 13 June which will last through 8 July. 

The National Assembly’s meeting will also consider the government’s report on the implementation of two national agendas, namely the National Agenda on Addressing Economic and Financial Difficulties, and the National Agenda on Addressing Drug Issues.

On 7 June, the Prime Minister of Laos formed a special taskforce to address the country’s economic problems and resolve an ongoing fuel crisis.

The taskforce will be responsible for instituting measures to ensure the uninterrupted flow of fuel into the country to meet demand, as well as ensuring fuel prices are determined in a timely manner and in accordance with global market fluctuation. 

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