Laos Strives to Rein in Inflation
The bureau’s report noted that higher prices for clothing and various goods, largely influenced by exchange rate fluctuations, were among the primary contributors to December’s inflationary trend.
The steepest increase was observed in the goods and services category, which surged by 29.2 percent. Other sectors adding to the upward pressure included housing, water, electricity and gas at 18.1 percent, medical care and pharmaceuticals at 14.4 percent, and education at 11.4 percent.
The Lao government reiterated its determination to make inflation control a top priority. Plans include reinforcing policies and mechanisms to tackle unresolved challenges, such as expanding domestic production for both local consumption and export, thereby reducing reliance on imports and curbing foreign currency outflows.
Efforts will also focus on building up foreign currency reserves to mitigate exchange rate instability and inflationary stress.
At the same time, the Lao central bank intends to step up measures to confront critical economic and financial issues, aiming to bring inflation down to a single-digit level in 2025.
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