Kyrgyz consumer prices up 14% y/y in August

Kyrgyz consumer prices up 14% y/y in August
By bne IntelIiNews September 16, 2021

Kyrgyzstan's consumer prices moved up by 14% y/y in August, latest data published by the country's national statistics body shows. 

High inflation continued amid a visible path towards economic recovery based on the latest official data on GDP growth. Inflation last year and in the first several months of this year was a result of weak imports due to the ongoing global crisis brought about by the coronavirus (COVID-19) pandemic. However, imports saw a major recovery in the past couple of months.

Kyrgyz consumer prices averaged 11.7% in the January-August period, according to the figures, up from an average of 5.6% recorded in the same period of last year. 

The National Bank of the Kyrgyz Republic (NBKR) increased its benchmark rate by 100bp to 7.5% in July.

The country’s currency depreciated amid the Kyrgyz political crisis, which led to populist President Sadyr Japarov’s rise to power at the end of last year.