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EDB forecasts inflation rate in Kyrgyzstan to slow down

Kyrgyzstan Materials 20 March 2023 12:50 (UTC +04:00)
EDB forecasts inflation rate in Kyrgyzstan to slow down
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, March 20. The European Development Bank (EDB) forecasts Kyrgyzstan's inflation rate to slow down from mid-spring 2023, Trend reports citing the EDB.

According to the EDB analysts, the inflation rate in the Kyrgyz Republic accelerated to 16.2 percent year-on-year in February 2023 from 15.3 percent year-on-year a month earlier.

"The inflation growth in February was facilitated by an increase in excise taxes on tobacco products and an increase in the cost of health services. The weakening of the national currency, observed since 2022-end, has also affected the prices of service providers and importers of consumer goods," the report said.

As the bank noted, inflation may begin to slow down, after the spikes in price growth of the previous year come out of the calculation.

"In the rest of the year, volatility in the dynamics of inflation will continue, while we still expect that the indicator will move on a downward trajectory," the experts added.

Meanwhile, the EDB experts forecast Kyrgyzstan's GDP growth to decelerate to 3.5 percent by 2023-end.

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