Inflation rate stands at 7.7 percent nationwide

The American Chamber of Commerce in Mongolia

2018-08-23 16:15 GMT+8

The National Statistical Office reported that the overall rate of inflation stood at 7.7 percent nationwide and at 8.8 percent in Ulaanbaatar as of the end of July, nearing a target rate of 8 percent specified in the central bank's Monetary Policy Guidelines for 2018.

Governor of the Bank of Mongolia N.Bayartsaikhan explained that the growth in inflation was mainly driven by supply-side factors. He added that the inflation rate is forecasted to stabilize close to the target rate in the mid-term, even if there has been a temporary increase in the general inflation rate. According to Bank of Mongolia analysts, price hikes for fuel, meat, and vegetables accounted for roughly 50 percent of inflation in Ulaanbaatar as of July.

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