During a recent press conference, the Deputy Head of the National Bank of the Kyrgyz Republic, Azat Kozubekov, discussed the impact of internal factors on the level of inflation. According to him, the rise in tariffs for electricity and housing and communal services continues to significantly affect the price situation in the country.
Additionally, he noted that inflation expectations among households and organizations remain stable and are within moderate limits.
“This is influenced by the monetary policy conducted by the National Bank, as well as the stable situation in the foreign exchange market. For example, as of the end of December 2025, the annual inflation rate was 9.4%. Since the beginning of 2026, the price dynamics have not changed,” Kozubekov added.
He mentioned that the growth of prices for food products has slowed down, which is observed in the structure of inflation.
“Nevertheless, in the services and non-food goods segment, prices remain high, which is related to increased domestic demand and secondary effects. In 2025, a number of measures were adopted, including a decision to triple the key interest rate from 9% to 11%. We continue to adhere to a monetary policy aimed at maintaining price stability and achieving our main goal — an inflation rate of 5.7% in the medium term,” the Deputy Head of the NBKR concluded.
