Inflationary processes in Kyrgyzstan continue to slow down - National Bank

Kyrgyzstan
Photo: Kabar.kg

Inflationary processes in Kyrgyzstan continue to slow down, official representative of the National Bank of the Kyrgyz Republic Aida Karabaeva said, Kabar News Agency reports. 

According to her data, in December 2023 the annual inflation rate was 7.3%, in January 2024 – 5.9%.

The structure of inflation shows a steady slowdown in the increase in prices for food products in annual terms from 15.8% in December 2022 to 1.9% in January 2024. At the same time, prices for non-food goods and services show a slower decline, partly reflecting the impact of administrative measures to revise the tariff policy for certain types of goods and services, Karabaeva said.

She noted that external environmental conditions still remain key factors for inflation processes in Kyrgyzstan, and their manifestation indicates a slower return of core inflation to target levels.

The price environment in global food and commodity markets remains heterogeneous: world food prices are gradually declining, while global oil and gold markets are showing price volatility. In these conditions, a further reduction in core inflation and inflation expectations of the population and economic entities will be the main priority in the development and implementation of monetary policy during 2024, the official representative of the National Bank of the Kyrgyz Republic informed.

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