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Monday, July 15, 2024

Laos Sees Marginal Relief From High Inflation, With 0.29% Decrease in March

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According to the Lao Statistics Bureau (LSB), the total inflation rate for March decreased slightly to 40.97% compared to February’s figures of 41.3%.

However, the LSB predicts that the average rate of inflation will remain around 40.8% throughout the year.

The prices of food and non-alcoholic beverages saw the highest increase in March, a massive 51% rise from February. The prices of category 1 rice, pork, and beef also increased slightly, while housing, water, electricity, and cooking gas prices decreased.

The main factors contributing to inflation include rising interest rates, the impact of the Russia-Ukraine war on global trade, a weak manufacturing base in the country, and the inability to maintain a stronghold in the international currency exchange markets. The LSB also highlighted the need for stronger laws to protect internal consumer product prices.

Despite the slight drop in inflation, the LSB expressed concern about the possibility of price increases due to higher demand during the upcoming Pi Mai Festival. It said that is essential to keep a close eye on the situation to ensure that the inflation rate remains stable and does not cause significant harm to the country’s economy and people.

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