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(KPL) Inflation in Laos increased to 25.8 percent year-on-year in May from 24.92 percent in April
(KPL) Inflation in Laos increased to 25.8 percent year-on-year in May from 24.92 percent in April, according to a report released by Xinhua News Agency on Thursday.
The highest price rise in May was recorded in the medical care and medicines category, which stood at 38.48 percent year-on-year, said the report.
Other categories driving inflation included the hotel and restaurant category at 36.57 percent year-on-year, the clothing and footwear category at 31.34 percent, and the alcohol and tobacco at 29.63 percent.
The higher prices of fuel and the continuing depreciation of the Lao currency kip are among the main factors driving inflation, according to the report.
The central bank of Laos, the Bank of the Lao PDR, held a meeting on May 22 on strategies to address the country's high inflation.
During the meeting, participants identified the cause of inflation in both global and domestic markets, and discussed potential solutions to mitigate its impact.
To tackle the issue, central banker Bounleua Sinxayvoravong emphasized the importance of raising public awareness about the causes of inflation and measures being taken by the government to mitigate the effects of inflation.
KPL
