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Laos: Inflation rate rise by 3.2% due to fuel hike
The government will soon impose preventive measures after found the inflation rate rose by 3.2% in the first 6 months due to fuels and foodstuff hike.
The meeting on inflation solution under the chairmanship of Standing Deputy Prime Minister Mr. Somsavat Lengsavad was held at the Prime Minister's Office, 1 June.
Taking part at the event were representatives from Ministries of Finance, Agriculture and Forestry, Industry and Commerce, Public Works and Transport, Planning and Investment and others province nationwide.
The inflation rate started in October 2010 till April 2011 due to the constant fuels and foodstuff hike.
Mr. Somsavat said that the implementation of socio-economic development plan and 2010-2011 state budget planning has being conducted under the global economic and financial crisis, fuels, goods, foodstuff and material construction prices hike. As the result, many countries have so far suffered from the inflation.
This factor was badly affected the socio-economic development, annual budget plan and living conditions of civil servants, officers and people countrywide, he expressed concern over the ongoing problem.
However, the central and local administrations nationwide have expressed satisfactorily with the performance of the first six months, accounting for 8.3 per cent of GDP which was higher than expected target.
The currency exchange has been stabilised over the past six months.
Mr. Somsavat has called on authorities concerned to join hands and work with responsibilities in prevention and addressing future inflation. He continued that the works should be unanimously agreed to address the inflation as so to ensure the fulfillment of macro-economy target of five years socio-economic development plan and the last six months of 2010-2011 plan and 2011-12 plan.
KPL laos news agency
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