The year-on-year inflation in Laos soared to 41.3% in February, up from 40.3% in January, according to the latest report from the Lao Statistics Bureau.
The 23-year record high has had a severe impact on the country’s economy over the past year.
The depreciation of the kip against the US dollar and Thai baht, combined with the high price of fuel, are among the key factors driving inflation. The weak kip is a major roadblock in the governmentโs efforts to curb the rising cost of goods and services, especially as one-third of the goods used to calculate price rises are imported, including oil.
Last month, the highest price rises were recorded in the food and non-alcoholic beverage category, followed by the communications and transport category, medical care and medicines, hotel and restaurant category, and household goods.
For instance, the price of Grade A rice has spiked by 67.4% over the past year.
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