The document states that in 2025, the main factors contributing to price growth were the increase in global food prices, rising tariffs for electricity and utility services, as well as the increase in prices for imported fuel, which ultimately led to higher transportation costs and, consequently, goods.
The National Bank believes that inflation will continue to rise in 2026 due to factors observed at the end of 2025. This is linked to the implementation of tariff policies in the housing and utilities sector, increased domestic spending, and wage growth in the public sector. Additionally, a fiscal impulse is expected as a result of major international events taking place in August-September 2026, such as the World Nomad Games and SCO meetings.
The regulator emphasizes that monetary policy will be aimed at containing inflationary risks and minimizing secondary effects, as well as creating conditions for returning inflation to established targets in the medium term.
Photo on the main page: press service of the President of Kyrgyzstan.
