ULAN BATOR, Oct. 10 (Xinhua) -- Mongolia's inflation rate, as measured by the consumer price index, stood at 6.7 percent in September, according to data released by the National Statistics Office on Thursday.

This figure represents a significant decrease of 3.4 percentage points compared to the same period last year, highlighting the country's ongoing efforts to stabilize its economy, according to experts from the statistical agency. However, it also marks a slight increase of 0.2 percentage points from the previous month.

In recent years, Mongolia has experienced considerable fluctuations in inflation. The rate peaked at 16.4 percent in July 2022, driven largely by rising import prices. Since then, inflation has gradually declined, a trend attributed to a substantial increase in foreign exchange reserves and the stable exchange rate of the national currency, the Tugrik.

The government has set a medium-term goal of stabilizing inflation around the target rate of 6 percent. Authorities believe that achieving and maintaining this target is essential for fostering economic growth and ensuring consumer confidence in the market. Enditem

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