Inflation in Mongolia reached 9.2 percent

The growth in prices for consumer goods and services increased by 9.2 percent in July 2023 compared to the previous year.

Inflation increased by 6.8 percent compared to the end of last year and decreased by 0.3 percent compared to the previous month. Annual inflation is 9.4 percent in Ulaanbaatar. The lowest inflation is in Govi-Altai (6.6 percent), and the highest is in Selenge province (10.4 percent).

The national inflation rate reached 9.2 percent in July 2023, which is decreased by 7.2 percent from the previous year.

Prices for imported goods increased by 35.2 percent, which contributed to inflation by 3.2 percent.

It is noted that the inflation rate was directly affected by the increase in prices for food products, soft drinks and mineral water by 14.4 percent, for housing services, water, electricity, gas and other fuels by 5.5 percent, for medicines and medical services by 7.6 percent.

The Central Bank predicts that Mongolia’s GDP will grow by 5 percent by the end of 2023.

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