ULAN BATOR, Nov. 9 (Xinhua) -- Mongolia's inflation rate, as measured by the consumer price index, was recorded at 7.0 percent in October, according to the latest data released by the National Statistics Office (NSO) on Saturday.
This represents a notable decline of 2.0 percentage points compared to the same period last year, signaling the country's ongoing efforts to stabilize its economy.
However, despite the year-on-year decrease, the October inflation rate reflects a slight uptick of 0.3 percentage points compared to September. Experts from the NSO noted that while inflation remains on a downward trajectory over the long term, month-to-month fluctuations are to be expected as the economy continues to adjust to global and domestic factors.
In recent years, Mongolia has faced significant volatility in its inflation rates. The inflation rate peaked at a staggering 16.4 percent in July 2022, driven primarily by rising import prices, particularly energy and food products. Since then, the inflation rate has gradually decreased, which experts attribute to a combination of factors, including a marked increase in Mongolia's foreign exchange reserves and the relative stability of the Tugrik, the country's national currency.
The Mongolian government has set a medium-term target of stabilizing inflation at around 6 percent. Authorities believe achieving and maintaining this target is crucial for fostering sustainable economic growth and strengthening consumer confidence in the market. ■
