BISHKEK, Kyrgyzstan, August 14. The annual inflation rate in Kyrgyzstan stood at 10.3 percent in July 2023, from 10.5 percent in June, Trend reports.
According to the Eurasian Development Bank (EDB), the prices from outside the country did not rise as much, which made consumer prices in Kyrgyzstan go up less.
However, due to a strong domestic consumer demand, fueled by increasing real wages and rapid growth in consumer lending, inflation did not slow down as much as expected.
Since the start of the year, the monetary policy of Kyrgyzstan has become stricter, and people's wages are not growing as much. This means that the risk of prices rising because people are buying things is not a big concern at the moment.
The EBD’s analytics anticipate that the inflation on Kyrgyzstan at 7.1 percent by the end of 2023.
According to the National bank of Kyrgyzstan, annual inflation for the year 2022 amounted to 14.7 percent. The bank expects inflation rate to be within a range of between 10 and 12 percent in 2023.