How can we deal with the rising cost of living and inflation?

The price of almost everything has increased and inflation seems to be rampant. Amid growing public concern over the spiralling cost of living, Vientiane Times asked how people were dealing with the situation.

Shoppers have to pay more for fruit and vegetables.

Mr Pheng Vongphachan, a resident of Xaysettha district, Vientiane: It’s not good that prices are so high. Vendors keep putting their prices up and always say it’s because of inflation. It doesn’t help that the value of the kip is weak compared to other currencies. This situation is driving up the cost of living and is a big problem for everyone. People all around the country, including me, are deeply concerned because our everyday life is affected. We need the government to tackle this problem as soon as possible.
 
Ms Noy Khamsamone, a resident of Xaythany district, Vientiane: I’m very worried about the ways things are going. It’s really bad for the economy and our day-to-day living. The value of the kip is low but almost everything we use comes from other countries, mainly Thailand, which means we have to pay more for them. Some vendors want baht for the things they sell, but that’s not good because we need to pay for goods in kip. I’ve heard lots of people complaining about this. Selling goods in foreign currencies which have a higher value than the kip drives up the cost of living and affects everyone. This is an important issue and the government should take urgent action to bring things under control and regulate product prices. The authorities should enforce the law against vendors who sell their goods in foreign currencies, as well as those who hike their prices illegally.
   
Mr Khamorn, a resident of Xayaboury province: Like everyone else around the country, people here are suffering from the rising cost of living and inflation. The price of almost everything has increased and looks likely to continue to do so. Everyone in my neighbourhood is worried about this and wants something to be done about it. The government should treat the matter seriously and find solutions so that we are spared further financial hardship. Regulating prices is very important, as the cost of living should be in line with people’s incomes. Many people say that everything gets more expensive day by day and that sometimes their income doesn’t cover their needs. The ministry responsible should take action and cap the price of goods on sale in markets as well as currency exchange rates, because now that prices have risen to this level there is little chance they will go down.
 
Mr Tee Singthavy, a resident of Chanthabouly district, Vientiane: I’m very unhappy about the high cost of living and inflation, just like most other people. Everything, including food, has got more expensive. The cost of petrol in particular has risen sharply, which is very troubling. I’d like the government to step in and deal with this problem. Of course, I hope our leaders can resolve the situation as soon as possible before more people suffer, along with the economy. If we can’t get things under control, the situation will get worse and have even greater impacts further down the line. The cost of living is high because product prices have risen significantly, especially imported items. In theory, there are measures in place to ensure prices are capped but some vendors put their prices up anyway, because they are selfish. The government sectors concerned should actively address rising prices and currency exchange rates, and bring the law to bear so that prices are controlled. Everyone should work together in the face of these problems and do what they can to minimise the impacts. If we can implement price controls and make currency exchange rates more favourable, it would help to reduce the cost of living for everyone.

By Visith Teppalath
(Latest Update March 14, 2022)