BISHKEK, Kyrgyzstan, December 8. The annual inflation rate in Kyrgyzstan is gradually decreasing, Trend report.
Data from the country's National Bank indicates that while inflation was at 15.3 percent in January of the year, it dropped to 8 percent by November 24, 2023.
The food category shows a slowing in price growth, with a year-on-year increase of 4 percent, down from over 16 percent. This decline is also driven by a progressive decrease in global food market prices.
Meanwhile, prices for non-food goods and services remain stable. The National Bank's policy objective is to maintain inflation within the 5-7 percent range in the medium term. The key instrument of the National Bank's monetary policy is the discount rate, currently set at 13 percent.
By the end of 2023, the National Bank anticipates that inflation in Kyrgyzstan will be below 10 percent. Inflation in Kyrgyzstan stood at 14.7 percent at the end of 2022.