Low-income workers in Laos are struggling as goods and commodity prices reach their peak of the year.
Vientiane Times reports that the price of goods produced domestically has increased by 15.9 percent over the past year. The year-on-year inflation rate hit 23.6 percent, the highest figure ever recorded since May 2000.
Authorities say the rising prices of petrol, cooking gas, and other imported items, together with the depreciation of the Lao kip, are fuelling runaway inflation.
The Consumer Price Index in Laos continues to rise, with the cost of living rising, putting additional strain on low-income families.
Although the negative impacts of Covid-19 appear to be receding, households in Laos are facing new economic challenges, according to the World Bank.
Results from Round 5 of the World Bank’s COVID-19 Rapid Monitoring Phone Surveys, released on 30 June, show that although economic activities have resumed in most sectors, the overall situation poses a problem for all families trying to rebuild livelihoods that were affected by the pandemic.
