Kyrgyzstan's inflation rate slows down - EDB

Annual inflation in Kyrgyzstan amounted to 14.7 percent in December from 15 percent in November 2022.

According to the EDB, the slowdown in inflation growth rate was induced by the decrease of the pressure from the global food market on Kyrgyzstan. Inflation was also slowed by a decrease of growth rate of services prices.

Meanwhile, the acceleration of non-food, alcoholic and tobacco products’ price growth rate prevented a sharper decrease in inflation.

At the same time, the EDB experts expect that in early 2023 an increasing pressure on the internal financial market may disrupt Kyrgyz inflation slowdown.

According to the EDB forecast in November 2022, the bank predicted a steep decline of inflation growth rate in Kyrgyzstan in 2023. One of the lowest inflation among the EDB members is expected to be in Kyrgyzstan, amounting to 5.2 percent in 2023.

The bank also pointed out that the economy growth in Kyrgyzstan in December 2022 amounted 7 percent. The main contribution in the economy was made by a gold mining sector (1.6 percent point). Also, increase was registered in construction and agriculture sectors.