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Mongolia’s inflation highest in Asia

By B.KHASH-ERDENE

On Friday, the National Statistics Office met regarding the weekly report they prepare which concerns Mongolia’s social and economic statistical data. Inflation in Mongolia has been out of control in recent years. Inflation has risen 0.6 percent from the previous month in July, 10.4 percent since the beginning of the year and 14.5 percent since last year around this time.
B.Badamtsetseg of the National Statistics Office stated, “On a national scale, Mongolian inflation is extremely high. Compared to the last three years, it has doubled. Meat prices, money supply and petroleum prices are the biggest influence on inflation. In the last three months, the rate of inflation has slowed down. And it is quite observable.”
The inflation rate throughout rural areas is relative. The Khentii aimag experienced the least amount of inflation at 0.6 percent. Arkhangai aimag has the highest, reaching 2.2 percent.
Compared to other Asian countries, Mongolia is experiencing the highest rate of inflation. Other Asian countries only experience average inflation of 0.3 to 0.4 percent, but Mongolia’s inflation has reached above 10 percent.

Gross Domestic Product has increased

Mongolian Gross Domestic Product (GDP) in the first half of 2012 shows that it has increased 25.2 percent from last year during this time, reaching 6.1 trillion MNT.

Money supply

The Money supply of Mongolia by July 2012 was 6.9 trillion MNT, which is 97.7 billion MNT lower than the previous month or 1.4 percent less and 17.4 percent higher than last year around this time.
The circulating MNT has reached over eight trillion, which is 90.1 billion less or 10.1 percent lower than the previous month.
The unpaid and overdue loans have reached 85.1 billion, which is 33.3 billion more or 64.3 percent higher than the previous month and 13.8 billion more or 19.4 percent higher than last year.

Short URL: http://ubpost.mongolnews.mn/?p=411

Posted by on Aug 13 2012. Filed under Business & Economics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

2 Comments for “Mongolia’s inflation highest in Asia”

  1. what the hell is that article talking about?

  2. Why is inflation getting out of hand ?
    What are the reasons for this? currency fluctuations? or is it something more?

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