BAKU, Azerbaijan, June 16. The National Bank of Kyrgyzstan expects the inflation in the country to be in the range of 10-12 percent by the end of 2023, Trend reports.
This slightly exceeds the target inflation rate of 10 percent set by the National Bank as part of their monetary policy for the current year.
According to the most recent forecast for 2023, the inflation rate in Kyrgyzstan is expected to be influenced significantly by the prices of non-food goods.
However, the impact of administered prices has decreased following the cancellation of the increase of rates for travel that were originally planned for May 2023. On the other hand, the contribution of food prices to overall inflation remains relatively stable.
Furthermore, a favorable harvest is anticipated in the Central Asian region for 2023, with yields projected to be at average levels over the past five years.
This has the potential to restrain the rise in prices for food products. The inflationary environment will also depend on the implementation of new tariffs by the government and the dynamics of the exchange rate between the Kyrgyz som and the US dollar.
The National Bank of Kyrgyzstan estimated the inflation in the country at 14.7 percent in 2022.