The rise in inflation is attributed to significant price increases in various sectors, including imported goods, which surged by 32.2 percent, educational services at 18.6 percent, and catering and accommodation services, which rose by 8.9 percent. Additionally, clothing, textiles, and footwear increased by 8.2 percent, while household appliances and electronics saw a rise of 7.6 percent, as noted in the official statement.
In Ulaanbaatar, the capital where over half of Mongolia’s 3.5 million residents live, the annual inflation rate slightly decreased to 6.2 percent in August 2024.
According to the Asian Development Bank (ADB), Mongolia’s economy is expected to grow by 5.5 percent in 2024 and 6 percent in 2025. ADB experts indicate that this economic growth will be driven by expansions in the services and industrial sectors, particularly in mining.
