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Mongolia's inflation stands at 9 pct in October

ULAN BATOR
2023-11-07 14:36

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ULAN BATOR, Nov. 7 (Xinhua) -- Mongolia's inflation stood at 9 percent in October, as measured by the consumer price index, rising 9 percentage points year on year in October, data from the country's National Statistics Office showed Tuesday.

The increase was mainly driven by rising prices of imported goods, especially food products, the agency said.

More than half of over 400 items of the landlocked Asian country's consumer goods and services basket are imported, it said.

The inflation rate peaked at 16.4 percent in July 2022 due to higher prices for imports. The figure has been on the decline ever since.

The country aims to reduce its inflation rate to a single digit by the end of this year.
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