BAKU, Azerbaijan, June 19. The inflation rate in Kyrgyzstan rose to 11.3 percent in May 2023, marking an increase from the previous month's rate of 10.7 percent, Trend reports.
The analytics of the EDB (Eurasian Development Bank) attributed this rise to the increased tariffs for electricity, which served as a driving force behind a 12.1 percent growth in service prices in May 2023, following a 10.3 percent increase in April.
Furthermore, there was a notable increase in the prices of non-food items, which rose to 12.9 percent, as opposed to the 11 percent increase observed in the previous month. On the other hand, the trend of decreasing food prices continued.
However, the EDB expects the inflation rate in Kyrgyzstan gradually decline and reach around 7 percent by the end of 2023.
Meanwhile, the National Bank of Kyrgyzstan foresees that inflation in the country will range between 10-12 percent by the end of 2023.
This projection slightly surpasses the target inflation rate of 10 percent established by the National Bank as part of their monetary policy for the current year. The latest forecast for 2023 highlights that the inflation rate in Kyrgyzstan will be notably affected by the prices of non-food goods.