Annual inflation in Mongolia was 9.2 percent in July 2023, according to the National Statistics Office.

It is noted that the inflation rate was directly affected by the increase in prices for food products, soft drinks and mineral water by 14.4 percent, for housing services, water, electricity, gas and other fuels by 5.5 percent, and for medicines and medical services by 7.6 percent.

According to the Central Bank of Mongolia, annual inflation in the country reached 10.6 percent in June 2023. This figure fell to 10.4 percent in Ulaanbaatar, where more than half of the country’s population lives.

The Central Bank predicts that Mongolia’s GDP will grow by 5 percent by the end of 2023.