The annual inflation rate in Kyrgyzstan continued to decline, annual inflation at the end of 2023 amounted to 7.3 percent. The official representative of the National Bank Aida Karabaeva announced at a press conference.
According to her, as of January 19 this year it amounted to 5.9 percent. In the structure of inflation, the greatest slowdown in price growth was registered in the food group of goods. The annual dynamics of food prices has significantly decreased — from 15.8 percent at the end of 2022 to 1.9 percent in January 2024.
«Prices for food products and services show a slower decline, reflecting the impact of administrative measures to revise tariff policy on certain types of goods and services,» the National Bank official said.
The key factor for the development of inflationary processes in Kyrgyzstan is still the external environment.
As for the global price environment, it remains heterogeneous. On the one hand, there is a slowdown in global food prices growth. At the same time, the price of oil and gold on the global market demonstrates volatility.
«Manifestation of external conditions may be accompanied by a slower return of core inflation to target levels. Under these conditions, when developing and implementing the monetary policy of the National Bank of the Kyrgyz Republic in 2024, there will be a further reduction in core inflation and inflation expectations of the population,» Aida Karabaeva said.
