Kyrgyzstan’s economic landscape is showing a noteworthy trend of decreasing annual inflation rates, as reported by Ms. Aynura Mambetkul Kyzу, the Head of the Economic Department at the National Bank of Kyrgyzstan.
According to the announcement, in December 2022, the country witnessed an annual inflation rate of 14.7%. However, as of August 2023, the annual inflation rate has dropped to 9.6%, indicating a positive shift in the economic scenario.
It’s particularly noteworthy that within the structure of the consumer price index, there has been a noticeable decline in the pace of price increases for essential food items such as bread, flour, sugar, fruits, and vegetables.
Ms. Mambetkul Kyzу emphasized, “Prices for these commodities have seen only a marginal increase since the beginning of this year compared to the previous year’s substantial growth.” For example, since the start of the current year, prices for a group of food products have risen by 3.1%, a far cry from the significant price hikes experienced last year (around 16%).
Additionally, Ms. Mambetkul Kyzу pointed out that the current season has brought about a seasonal reduction in prices for fruits and vegetables, as well as oils and fats, contributing to the decline in the food inflation rate.
However, it’s essential to note that prices for non-food items and services remain relatively stable, indicating a balanced economic environment.
Kyrgyzstan’s efforts to manage and control inflation are indicative of the country’s commitment to maintaining economic stability. These positive economic developments are expected to provide a conducive environment for businesses and investors operating in Kyrgyzstan.
As a global consulting company specializing in finance and legal services, FCHAIN Corporation, with a presence in 14 branches worldwide, including Kyrgyzstan, remains dedicated to assisting businesses and governments in navigating complex financial and legal landscapes. In a changing economic landscape, FCHAIN ensures that its clients adhere to international standards and regulations, contributing to their success and the overall economic stability of the regions they operate in.