April inflation rate 11.3 percent

According to the National Statistics Office (NSO), in April, the country’s consumer price index increased by 1.3 percent from the previous month, reaching an annual rate of 11.3 percent. Compared to the inflation rate from the same period last year, the growth rate decreased by 4.5 percent. Of the annual inflation, 4.8 points were accounted for by the price of imported goods, and in April, the domestic MNT exchange rate against the USD strengthened by 1.28 percent. According to the annual increase in inflation, the prices of food goods and beverages and water group increased by 17 percent, the price of non-alcoholic beverages by 19.5 percent, the price of clothing, textiles, and footwear by 13.2 percent, and hotel, public catering, and dormitory services increased by 24 percent, according to NSO.

Although the annual inflation rate slowed down, it was 1.3 percent monthly, which is the highest rate in the last five months.

According to the statistics of more than 400 types of goods and services that make up the inflation basket, classified into 13 groups, in April, the price of food and drink increased by 3.3 percent, the price of alcoholic beverages and tobacco increased by 0.3 percent, and the price of household goods and furniture increased by 0.6 percent.

However, since the beginning of the year, it was 4.7 percent, and the Mongol Bank is aiming to keep inflation at single digit this year.

Chief Economist of the Mongol Bank D.Gan-Ochir said, “Inflation has entered a gradual downward trend. Tight monetary policy is showing results. The return saving interest on MNT is increasing, and people are choosing to deposit their savings in MNT.”