BISHKEK, Kyrgyzstan, February 27. The annual inflation rate in Kyrgyzstan stood at 5 percent in February 2024, a decrease from 5.9 percent in January 2024, Trend reports.
The National Bank of the country highlights that the growth in prices of food products continues to slow at a faster pace, while prices of non-food items and services show a more restrained tendency to decline.
The main factors influencing the actual inflation rate include sustained high domestic demand and the impact of tariff policy revisions, particularly in public transportation services.
Overall, the external economic conditions for Kyrgyzstan's economy are characterized by ongoing high uncertainty due to the geopolitical situation worldwide and the volatility of prices in global commodity markets. There is a gradual slowdown in global inflation as a result of tightening monetary policies in leading countries.
In the short term, it is expected that the trajectory of overall inflation in the country will remain within the medium-term inflation target range of 5-7 percent. In December 2023, the annual inflation in Kyrgyzstan was recorded at 7.3 percent.
On February 26, 2024, the Board of the National Bank of Kyrgyzstan decided to maintain its refinancing rate at 13 percent.