Inflation in Kyrgyzstan to be highest among Central Asian countries

Inflation rate in Kyrgyzstan will be the highest in the Caucasus and Central Asia region in 2022 and 2023. An update of the Asian Development Outlook 2022 says.

According to the results of the current year, it is expected that prices in the republic will increase by 15 percent, and in 2023 — by 12 percent. Turkmenistan ranks second among the countries with the highest inflation rate. Thus, prices are expected to rise by 13 percent by the end of 2022. Uzbekistan takes the third place, where the inflation rate will be 12.5 percent. The inflation rate in the whole region of the Caucasus and Central Asia is expected to reach 11.5 percent this year, and 8.5 percent in 2023.

«Annual inflation in Kyrgyzstan in the first seven months of 2022 reached 13 percent mainly due to higher global food and energy prices, as well as the depreciation of the currency against the U.S. dollar in March and April. Inflation is expected to remain high this year and then slow down slightly next year,» the ADB said.