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Rise in prices in Kyrgyzstan to reach 5-7 percent at year-end 2024

The inflation rate is expected to enter the medium-term target range (5-7 percent — Note of 24.kg news agency) in 2024. The National Bank of Kyrgyzstan made such a forecast.

The food component in the structure of inflation is expected to slow down further, which is associated with the price situation in the world food market. In addition, the decline in the growth of food prices will continue this year against the backdrop of a high statistical base for 2023.

The main causes of inflationary pressure will be the following factors:

  • High uncertainty in the world;
  • Relatively tight monetary policies of developed countries;
  • Planned measures on revising tariff policy;
  • Relatively high inflation expectations of economic agents.

«Prices for non-food goods and services will have a slower dynamics of growth rate reduction, which can be explained, among other things, by the influence of government tariff policy measures. The forecast for non-food inflation remains at moderately high levels with a gradual decline by the end of this year,» the National Bank notes.