The consumer confidence index in Kyrgyzstan increased by 1.8 points in July 2024, reaching a record of 138.4 points. Freedom Finance report says.
All five components of the index increased, especially in assessing conditions for large purchases. Compared to July 2023, the index increased by 11 points.
Economic sentiment
The sub-index showing the benefits of large purchases has been growing for the fifth month in a row and reached a record of 112.1 points. About 44 percent of residents consider conditions for large purchases good, which is slightly more than in June. The number of negative assessments decreased from 34 to 30.8 percent.
The greatest improvement among age groups is observed among people above 60, whose negative assessments decreased from 36.5 to 29.3 percent. Young people under 29 remain the most optimistic with a share of negative responses of 24.3 percent. People aged 30-44 are the least satisfied with the current conditions.
Significant differences are observed in the regions. The share of negative assessments decreased from 42.2 to 32 percent in Talas region. Jalal-Abad region remains the leader in confidence with a share of negative responses of 23.3 percent.
Bishkek still has the highest level of pessimism, although this figure has decreased from 44.5 to 39 percent.
Over the past year, assessments of the economic situation increased by 17.6 points, reaching a record of 145.4 points. The percentage of those who think that the economic situation is good rose from 55 percent to 66.4 percent. Optimism increased in all age groups, especially among people above 60.
The greatest increase in economic optimism was registered in Bishkek, Talas and Jalal-Abad regions. At least 79.8 percent of people consider the situation good in Naryn, and in Chui region the figure is 52.7 percent.
Inflation, prices and currency
Estimates of inflation in July rose slightly after record lows in May and June. The share of those who noticed significant price increases over the past month rose from 25.6 percent to 27.5 percent. Inflation expectations fell to a record low with only 10.9 percent of respondents anticipating rapid price increases in the next 12 months.
Flour prices remain high, having seen an increase for 11 consecutive months. The price of vegetables decreased by 11.3 percent, fruit prices increased by 2.9 percent, and meat prices — by 1.1 percent.
The price of other goods remained at the same level.
The Kyrgyz som continues to strengthen, the dollar depreciated by 2.8 percent — the lowest level since November 2022. Expectations of currency weakening in a year remained almost unchanged, while the share of those, who expect appreciation of dollar in the next month, increased from 14.9 to 16.3 percent.
