ULAN BATOR, Sept. 30 (Xinhua) -- Mongolia has set a goal to reduce its inflation rate back to single-digit levels by the end of next year.
"We believe that the economic growth will reach 5 percent, and inflation will fall to single-digit levels by the end of next year with the implementation of the fiscal policy promoting the post-pandemic New Revival Policy next year," Finance Minister Bold Javkhlan was quoted as saying by local media on Friday.
He submitted a draft of the state budget for 2023 to parliament speaker Gombojav Zandanshatar on Thursday.
Mongolia's annual inflation rate reached 14.4 percent in August while the rate hit 14.8 percent in the capital Ulan Bator, home to over half of the country's population of 3.4 million, the central bank said.
The increases were mainly related to higher prices for imported goods, said experts of the bank. ■
