ULAN BATOR, May 19 (NNN-XINHUA) – Mongolia will exempt import tariffs for certain food products until the end of this year, in order to ensure their supply and price stability, the government’s press office said yesterday.
“During its regular meeting, the government approved a list of certain food products, such as sugar, vegetable oil and rice to be exempt from import tariffs,” the press office said, yesterday.
It is estimated that the exemption will help reduce the retail prices of those products by four to seven percent.
Consumer prices have been rising sharply in the country, due to the continued border restrictions caused by the COVID-19 pandemic and the ongoing Russia-Ukraine conflict.
For example, the average retail price per kilogram of rice stood at 6,900 Mongolian Tugriks (about 2.1 U.S. dollars), at the end of the first quarter of this year, up 130 percent from the same period last year, according to the Confederation of Mongolian Trade Unions.– NNN-XINHUA
