The National Statistic Office of Mongolia presented the inflation rate for October 2023. Compared to the same period a year ago, the inflation in October dropped to 9 percent, which is relatively low, considering that it used to be 9.4 percent in July 2023. October's inflation of 9 percent was similar to the inflation in August 2021.

In October, the inflation rate dropped to 9 percent compared to the same period last year, down from 9.4% in July 2023. In fact, October's 9 percent inflation is quite comparable to the rate observed in August 2021.

The Bank of Mongolia stated that inflation had fallen to a one-digit number, making the target inflation rate feasible. Inflation, which soared to 16.9 percent in June 2022, has declined to 9 percent due to the strict monetary policy, the interest rate of which remains at 13 percent.

The Bank of Mongolia aims to keep inflation at a one-digit number as the main direction of monetary policy in 2024. Inflation, the rate at which prices for consumer goods and services rise, is the primary metric for fiscal and monetary policies.