Inflation in Laos decreases to 21.7 percent last month
Date
10/1/2024 5:20:13 AM
(MENAFN) Inflation in Laos decreased to 21.7 percent in September, down from 24.3 percent in August, as reported by the Lao Statistics Bureau. This decline indicates a positive shift in the country's economic conditions. The report, released on Monday, highlighted that the most significant price increase occurred in the medical care and medicines category, which reached 34 percent.
Following medical care, the cost of housing, water, electricity, and gas rose by 32.9 percent, while the hotel and restaurant sector saw a 30.9 percent increase. Additionally, household goods experienced a price rise of 29.3 percent, with education and clothing and footwear categories also reflecting notable increases of 29.3 percent and 22.9 percent, respectively.
In response to the rising prices, Lao Prime Minister Sonexay Siphandone announced the formation of an ad-hoc committee in July aimed at studying and addressing inflation and the escalating costs of goods in the country. This initiative demonstrates the government's commitment to tackling economic challenges.
Moreover, the recent soft opening of the Lao Bullion Bank signifies a significant development in Laos' financial sector, showcasing the government's strategic efforts to enhance economic stability and improve the financial landscape of the nation.
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