Photo taken June 9, 2022 shows a market in Vientiane, Laos. Laos' inflation rate climbed to 12.8 percent in May on a yearly basis, the highest in 18 years, according to the latest report from the Lao Statistics Bureau. (Photo by Kaikeo Saiyasane/Xinhua)
VIENTIANE, June 9 (Xinhua) -- Laos' inflation rate climbed to 12.8 percent in May on a yearly basis, the highest in 18 years, according to the latest report from the Lao Statistics Bureau.
The fuel crisis, with petrol stations across the country running dry, and the continuing depreciation of the kip are among the main factors driving inflation.
The surge in the consumer price index survey, which measures the prices of various goods, was the largest after the year-on-year inflation rate hit 12.9 percent in February 2004.
The price of consumer goods jumped faster than expected over the past eight months, with the high cost of fuel, food and other essentials placing a great burden on ordinary people.
In May 2022, the price of fuel surged by 92.6 percent year-on-year, affecting both the cost of production and the cost of living.
The price of gas, gold and steel jumped by 39.7 percent, 48.5 percent and 68 percent year-on-year respectively.
In January 2022, the year-on-year inflation rate was recorded at 6.25 percent, rising to 7.31 percent in February, 8.54 percent in March, and 9.86 percent in April.
According to the Lao Statistics Bureau, costs in the communications and transport category rose by 6.2 percent month-on-month and 34.5 percent year-on-year in May.
In the meantime, prices in the goods and service category surged by 3.9 percent month-on-month and 20.6 percent year-on-year. The cost of medical care and medicines increased by 1.8 percent month-on-month and 13 percent year-on-year.
The cost of food and non-alcoholic beverages increased by 3.2 percent month-on-month and 8.2 percent year-on-year.
Meanwhile, the cost of clothing and footwear rose by 2.2 percent month-on-month and 11.7 percent year-on-year, according to the report. ■
Photo taken June 9, 2022 shows a market in Vientiane, Laos. Laos' inflation rate climbed to 12.8 percent in May on a yearly basis, the highest in 18 years, according to the latest report from the Lao Statistics Bureau. (Photo by Kaikeo Saiyasane/Xinhua)
Citizens queue up for fuel at a petrol station in Vientiane, Laos on May 14, 2022. Laos' inflation rate climbed to 12.8 percent in May on a yearly basis, the highest in 18 years, according to the latest report from the Lao Statistics Bureau. (Photo by Kaikeo Saiyasane/Xinhua)
Citizens queue up for fuel at a petrol station in Vientiane, Laos on May 14, 2022. Laos' inflation rate climbed to 12.8 percent in May on a yearly basis, the highest in 18 years, according to the latest report from the Lao Statistics Bureau. (Photo by Kaikeo Saiyasane/Xinhua)
Citizens queue up for fuel at a petrol station in Vientiane, Laos on May 12, 2022. Laos' inflation rate climbed to 12.8 percent in May on a yearly basis, the highest in 18 years, according to the latest report from the Lao Statistics Bureau. (Photo by Kaikeo Saiyasane/Xinhua)
