ULAN BATOR, Aug 8 (NNN-XINHUA) – Mongolia’s inflation rate, as measured by the consumer price index, dropped to single-digit level in July, the country’s National Statistics Office (NSO) said today.
The inflation rate stood at 9.2 percent in July, down 6.9 percentage points from the end of 2022, the NSO said.
The inflation rate peaked at 16.4 percent in July, 2022, due to higher prices for imports. The figure has been gradually dropping ever since.
There are 410 items in the landlocked country’s consumer goods and services basket. More than half of them are imported, according to the statistical agency.
The country aimed to reduce its inflation rate to a single digit by the end of this year.–NNN-XINHUA
