VIENTIANE, Feb. 7 (Xinhua) -- Laos recorded an inflation rate of 24.44 percent in January 2024, a slight increase from 24.37 percent in December 2023, according to the latest report from the Lao Statistics Bureau.
According to a report released by the bureau on Wednesday, the highest price rise in January was recorded in the hotel and restaurant category, which stood at 35.98 percent year-on-year.
Other categories driving inflation included the clothing and footwear category at 33.38 percent year-on-year, medical care and medicines at 31.03 percent, the food and non-alcoholic beverage category at 25.26 percent, and the household goods category at 24.50 percent.
The surge in demand during the festive season led to an increase in the prices of food and alcoholic drinks, which is one of the main factors driving inflation, according to the report.
Laos' inflation dropped from 40 percent in mid-2022 to 24.37 percent in December 2023.
While inflation has eased since early 2023, the Southeast Asian country still has one of the highest inflation rates in the region, causing real household incomes to fall for many people, and weakening consumption and investment.
The Lao central bank, the Bank of the Lao PDR (BOL), will attempt to lower the rate of inflation to 9 percent or another single-digit figure by the end of 2024, by ensuring that the income export revenues enter the banking system. ■