Annual inflation rate in Kyrgyzstan decreases from 7.3% to 5%

The annual inflation rate in Kyrgyzstan in February 2024 was 5%, down from 7.3% in December 2023, Deputy Head of the Department of Communications and International Cooperation of the National Bank of the Kyrgyz Republic Ilyichbek Sultankulov said, Kabar News Agency reports. 

According to him, in the structure of inflation, the growth rate for food products continues to slow down at a faster pace, while prices for the food group of goods and services show a more restrained downward trend.

“The level of current inflation is influenced by factors such as domestic demand, as well as the impact of the revision of tariff policy, in particular, on public transport services,” Sultankulov noted.

He noted that in the short term, the country's headline inflation rate is expected to be within the medium-term inflation target of 5-7%.

“The National Bank’s measures will be aimed at further reducing the growth rate of prices for non-food goods and services and, in general, the level of core inflation, which at the moment still remain above the inflation target values,” said the deputy head of the department of the National Bank of the Kyrgyz Republic.