In June of the current year, Mongolia experienced a notable inflation rate of 10.6 percent. This figure was partly attributed to the impact of the food group products, accounting for 48.3 percent of the inflation rate. Additionally, the price fluctuations of imported goods contributed to 35.8 percent of the overall inflation. It’s worth noting that the inflation rate in May was slightly higher, reaching 11.3 percent nationwide. The authorities are closely monitoring these developments to assess their economic implications and implement necessary measures to stabilize the economy.
To combat inflation, the central bank of Mongolia employed various monetary policy tools, such as adjusting interest rates or reserve requirements. These measures aim to influence borrowing and spending patterns, thereby controlling the money supply and overall demand in the economy.
Mongolia’s inflation is influenced by global economic conditions, commodity prices, and the dynamics of international trade. Fluctuations in these external factors can amplify or mitigate inflationary pressures in the country.