Mongolia’s Annual Inflation Hits 5.7% in May 2024
Mongolia's annual inflation rate for May 2024 stood at 5.7%, as reported by local media citing data from the country's National Statistics Committee.
The rise in prices for medicines and medical services by 7%, food products, soft drinks, and mineral water by 6.7%, and clothing, textiles, and shoes by 5.8% directly influenced this increase, according to the official statement.
The Central Bank of Mongolia noted that in April 2024, the country’s annual inflation rate was slightly higher at 6.4%. However, in Ulaanbaatar, the capital city where over half of the country’s 3.5 million population resides, the figure was recorded at 6.1%.
Meanwhile, the National Statistics Committee reported a 7.8% growth in Mongolia’s GDP for the first quarter of 2024 compared to the same period last year.
Experts from the World Bank anticipate that Mongolia’s economic growth will primarily be fueled by increased output in the mining sector, a rebound in private consumption, and significant fiscal expansion.
