Kozubekov emphasized that high fluctuations in external markets and rising food prices in the first half of the year put pressure on inflation. However, by the end of the year, the rate of price growth began to slow down.
“The FAO index, which tracks global prices for food products, is currently showing a downward trend,” he noted.
Additionally, the Deputy Chairman of the National Bank pointed to changes occurring in global trade and highlighted the ongoing geopolitical uncertainty.
“In 2025, there were changes in the rules of global trade and trade policy. The high level of geopolitical uncertainty contributed to the fragmentation of global trade and changes in flows at the regional level,” he explained.
In this context, there was an increase in logistics costs, which also affected inflationary processes.
It is important to note that the situation in countries that are key trading partners of Kyrgyzstan also played a significant role.
“In a number of key partner countries, inflation remained high over the past few years, which contributed to the increase in the cost of imported goods in the consumer price index,” Kozubekov added.
According to the National Statistical Committee, inflation for 2025 was 9.4%. The Ministry of Finance forecasts that in 2026, annual inflation in the Kyrgyz Republic could reach 11% in an optimistic scenario.
