ULAN BATOR, Jan. 10 (Xinhua) -- Mongolia's inflation rate, measured by the consumer price index (CPI), reached 9.0 percent in December 2024, up from 8.1 percent in November, according to official data by the country's National Statistics Office (NSO) on Friday.

This marks a 1.1 percentage-point increase compared to the same period last year, the NSO reported.

Mongolia has experienced significant fluctuations in inflation rates in recent years.

Despite the current uptick, the government remains optimistic about the country's economic prospects, forecasting an inflation rate of approximately 7.2 percent for 2025.

Inflation peaked at 16.4 percent in July 2022, driven largely by rising import costs, particularly for energy and food products.

Since then, inflation has steadily declined, supported by factors such as increased foreign exchange reserves and the relative stability of the national currency, the tugrik.

Officials stress that achieving the 2025 inflation target is critical for ensuring sustainable economic growth and boosting consumer confidence in the domestic market. ■