ULAN BATOR, Jun 8 (NNN-APA) – Mongolia’s inflation, as measured by the consumer price index, dropped to 5.7 percent in May, the lowest level since Apr, 2021, when inflation was 5.6 percent, data from the country’s National Statistics Office showed, yesterday.
The data further revealed that, the inflation rate decreased by 5.6 percentage points compared to the same period last year.
Experts from the statistical agency attribute the slowdown primarily to a notable increase in foreign exchange reserves, and the stable exchange rate of the national currency, the Tugrik.
The country’s forex reserves stood at 5.183 billion U.S. dollars as of May, as reported by the country’s central bank. Notably, this marked the first time in history that the country’s forex reserves exceeded five billion dollars, achieved in March.
The country has set a goal to stabilise inflation around the target rate of six percent, in the medium term.– NNN-APA
