Mongolia's inflation rate climbs to 9.1 percent in March
(MENAFN) Mongolia's inflation rate surged to 9.1 percent in March, as reported by local media on Sunday, referencing data from the National Statistics Office (NSO).
This marks a significant rise of 2.9 percentage points compared to the same month last year and a 0.3 percentage point increase from February, according to the NSO's statement.
The escalating energy prices have raised alarms for the central bank of Mongolia, prompting it to increase interest rates to 12 percent in March to combat inflation.
The central bank aims to maintain an inflation rate within a target range of 5 percent, plus or minus 2 percentage points, through 2027 to ensure medium-term macroeconomic and financial stability.
Looking ahead, Mongolia's economy is projected to grow by 6.6 percent in 2025.
The Asian Development Bank indicates that this economic growth will primarily stem from heightened mining production and service sector expansion, bolstered by strong domestic demand, infrastructure investments, and a gradual recovery in agriculture.
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