Inflation rate remains in single digit
The experts of Bloomberg economist club predict the inflation rate to be near the Bank of Mongolia’s 8 percent target this year.
The experts of Bloomberg economist club predict the inflation rate to be near the Bank of Mongolia’s 8 percent target this year. Majority of the experts estimate the inflation to be 7 percent in the first quarter of 2017 and under single digits throughout the year. Although Mongolia’s inflation hiked to the Bank of Mongolia's (BoM) target level in 2017, the BoM expects that the inflation will be stable in line with the objectives of the monetary policy. As reported by the National Statistics Office, the national inflation rate reached 6.9 percent and 8 percent in Ulaanbaatar city as of January 2018, due to increase in excise taxes on some products, such as tobacco and fuels. This was mainly resulted by the about 16 percent price increase of housing, water, electricity and fuel groups, around 24 percent of vehicle sales price and more or less 9 percent increase of tobacco price. In January, the total of more than quarter of 30 percent of consumer goods and services of more than 300 market basket prices increased compared to the previous month and the prices of 51 goods selected out of 100 food products was raised.
source: mongolia.gogo.mn
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