«We managed to contain hyperinflation, and by the end of 2023 we plan that the indicators will not exceed 10 percent,» the Minister of Economy and Commerce of Kyrgyzstan Daniyar Amangeldiev said at a press conference.
Inflationary pressure was high, he said. The global situation did not allow food prices to be reduced. There was increased demand. Inflation has been at double-digit levels globally for the past two years.
«Thanks to a well-coordinated fiscal policy, it was possible to contain hyperinflation. It was a concerted effort to contain prices. Tax exemptions were provided for the payment of VAT on socially significant goods. The Accounts Chamber noted that because of this, the budget lost about 60 billion soms. But we can project these funds to maintain real incomes of the population, since this is an indirect tax that citizens had to pay. The real increase in salaries of public sector employees was 19 percent, taking into account inflation. We can say that we managed to maintain wage growth in nominal and real terms,» Daniyar Amangeldiev said.
Based on the results of January—October, the increase in prices and tariffs in the republic amounted to 6.9 percent. Alcoholic drinks and tobacco products rose in price by 10.7 percent, food and non-alcoholic drinks — by 3.1 percent. Prices for non-food products increased by 11.9 percent, tariffs for services provided to the population — by 8.9 percent.
