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Inflation rate in Kyrgyzstan decreases slowly due to rising tariffs

As of July 21, annual inflation rate in Kyrgyzstan reached 10.3 percent. Official representative of the National Bank Aida Karabayeva told journalists.

According to her, in the structure of inflation, growth of food prices decreased in annual terms to 6.9 percent from 15.8 percent in December 2022. The downward dynamics of prices in the world food markets influences the dynamics of domestic prices.

«A slower decline in the overall price level in the country is facilitated by the effect of an increase in a number of administrative prices (tariffs) and a steady expansion of domestic demand. At the same time, the accumulated effect of previously taken measures in the field of monetary policy allows to mitigate potential risks of inflation,» Aida Karabayeva said.

She noted that the monetary policy of the National Bank is still aimed at reducing inflation to 5 — 7 percent in the medium term. In general, the assessment of the current dynamics of inflation remains within the expectations of the National Bank. But the preservation of pro-inflationary factors in the country’s economy requires coordinated steps in further implementation of monetary and fiscal policies.