Mongolia’s inflation rate stays at 6.5 in August

ULAN BATOR, Sept. 10 (Xinhua) — Mongolia’s inflation rate, as measured by the consumer price index, stood at 6.5 percent in August, according to data released by the National Statistics Office on Tuesday.
This represents a decrease of 3.5 percentage points compared to the same period last year. However, it marks a rise of 1.0 percentage points from a month earlier.
Mongolia experienced a peak inflation rate of 16.4 percent in July 2022, driven by higher import prices. Since then, inflation has gradually decreased, thanks to a significant increase in foreign exchange reserves and the stable exchange rate of the national currency, the Tugrik.
As of the end of August, the Asian country’s foreign exchange reserves stood at 4.7 billion U.S. dollars, marking a 19.6 percent increase compared to the same period in 2023, according to the central bank.
The country has set a goal to stabilize inflation around the target rate of 6 percent in the medium term. ■