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Tuesday, July 23, 2024

Laos Expects Food and Other Product Prices to Increase by 10% This Year

This Week

The Vientiane Department of Industry and Commerce has estimated that the prices of food and other essential products in Laos will increase by 5% to 10% for the rest of this year. 

Ms. Vanmani Phimmasane, Head of the Vientiane Industry and Commerce Department, said that the prices of products in Laos have shot up significantly in the first six months of this year as compared to the same period in 2022.

During the first six months of this year, the domestic production weighed in at 40.25%, while the country imported most industrial and consumer goods.

According to Ms. Vanmani, the cost of living in Laos has surged due to an inflation rate of over 40% since last year. The country has seen a skyrocketing increase in the cost of consumer goods, a majority of which are imported from other countries and have been impacted by fluctuations in the exchange rate.

Authorities have also imposed price controls on 23 basic necessities like pork, rice, and natural gas, to try to slow the rate of inflation, says a Vientiane Times report.

The Department of Industry and Commerce of Vientiane urged government officials to regulate the prices of domestic and international products to improve food security in the country in the face of financial difficulties, high unemployment, and costly fuel.

A survey conducted by the World Bank showed that more than three-quarters of affected families in the country reduced food consumption or switched to cheaper foods, while over half of them also cut back on their spending on health and education.

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