Laos’ inflation rate falls to 24.3 in August

Laos’ inflation rate experienced a slight decrease in August, falling to 24.3 percent from 26.1 percent in July, according to the Lao Statistics Bureau.

The bureau’s report attributed the fluctuations in inflation to factors such as changes in foreign currency exchange rates and weak domestic productivity.

The medical care and medicines category recorded the highest price increase in August, reaching 37.6 percent.

Other categories with significant inflation rates included hotel and restaurant services at 33.2 percent, household goods at 31.6 percent, and education at 29.7 percent.

In response to the inflationary pressures, the Lao central bank is planning to implement further interest rate hikes.

Additionally, the bank is working to improve foreign currency management and develop a more interconnected payment system to promote the use of the Lao kip.

Attribution: Xinhua & Lao Statistics Bureau

Subediting: Y.Yasser