VIENTIANE: Laos' annual inflation rate soared to 12.8% in May, the highest in 18 years, according to a government report. The fuel crisis, with petrol pumps across the country running dry, and the ongoing depreciation of the kip are among the key drivers behind inflation, according to the Lao Statistics Bureau's study, which was quoted by the Xinhua news agency.
The increase in the consumer price index survey, which evaluates the costs of numerous items, was the biggest since February 2004, when the year-on-year inflation rate reached 12.9%. Over the last eight months, consumer prices have risen faster than projected, putting a strain on ordinary people due to the high cost of petrol, food, and other necessities.
Fuel prices increased by 92.6 percent year over year in May 2022, hurting both the cost of manufacturing and the cost of living. Gas, gold, and steel prices all increased by 39.7%, 48.5 percent, and 68 percent year over year, respectively. Year-over-year inflation was 6.25 percent in January 2022, rising to 7.31 percent in February, 8.54 percent in March, and 9.86 percent in April.
In May, the Lao Statistics Bureau reported that communications and transport category rose by 6.2 percent month over month and 34.5 percent year over year.
Meanwhile, prices for goods and services increased by 3.9 percent month over month and 20.6 percent year over year.
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