VIENTIANE, Feb. 19 (Xinhua) -- Laos' annual average inflation rate dropped to 23.1 percent in 2024, down from 31.23 percent in 2023, according to the Lao Statistics Bureau.

Despite the slowdown in inflation, high costs for healthcare and basic utilities continued to strain household budgets.

According to the latest report from the Lao Statistics Bureau, the highest price rise was recorded in the medical care and medicine category last year, which stood at 33.8 percent.

This was followed by the cost of the hotel and restaurant category at 31.9 percent, the cost of housing, water, electricity and gas category at 27.6 percent, and the cost of clothing and footwear category at 27.2 percent.

In response to the high inflation rate, the Lao government has been working on strategies to curb rising prices while emphasizing the need of local production, reducing imports, and securing financial support for businesses.

The Lao central bank was set to intensify efforts to address pressing economic and financial challenges, aiming to achieve a single-digit inflation rate by 2025. Enditem

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