(MENAFN) Laos reported a slight decrease in its inflation rate for April, standing at 24.92 percent compared to 24.98 percent in March, according to data released by the Lao Statistics Bureau on Monday.
The volatility in fuel, gas, and other imported goods prices, coupled with the depreciation of the national currency, the kip, remained key factors influencing the inflationary trend, as outlined in the bureau's report.
Among the various categories, the most significant price increase in April was observed in clothing and footwear, with a year-on-year rise of 37.62 percent. This was followed by medical care and medicines at 36.09 percent, alcohol and tobacco at 28.52 percent, household goods at 27.08 percent, and communications and transport at 25.99 percent.
Laos' economy faces vulnerability due to its heavy reliance on imported goods for domestic consumption, exposing it to external shocks and disruptions.
During a nationwide finance sector meeting held in the capital, Vientiane, in December last year, Lao President Thongloun Sisoulith emphasized the need to steer the economy towards greater independence and local ownership. This strategic shift aims to enhance resilience and reduce dependence on external factors, contributing to long-term economic stability and growth.
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