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Economy Minister explains reasons for inflation in Kyrgyzstan to deputies

Minister of Economy and Commerce of Kyrgyzstan Daniyar Amangeldiev explained to deputies the cause of inflation in Kyrgyzstan at a joint meeting of Eldik parliamentary group together with Alliance, Yntymak, Butun Kyrgyzstan and Yiman Nuru parliamentary factions.

Deputy Sultanbai Aizhigitov noted an increase in prices for basic types of products, such as meat, sugar, and bread. He asked the minister to name the reasons for inflation in the country.

The Minister of Economy responded that the steady increase in prices for food and non-food products is associated with imports.

«We have only three groups of goods with which we can provide ourselves: meat, potatoes and dairy products. We can provide ourselves with other categories from 30 to 70 percent. For example, we import 98 percent of fuel and lubricants. According to our analysis, inflation is associated with imports. Imported inflation is an increase in prices on world markets. Due to the fact that these are imported goods, we cannot import them cheaper or somehow adjust their prices. The only mechanism is through the fiscal regime,» Daniyar Amangeldiev said.