Bishkek, Jan. 27, 2026. /Kabar/. Among the internal factors, rising electricity and housing and utilities tariffs continue to influence inflation. Azat Kozubekov, deputy chairman of the National Bank, announced at press conference.
He also emphasized that the inflation expectations of economic entities, including households, firms, enterprises, and organizations, are considered stable and are within moderate limits.
"National Bank's monetary policy continued stability of the foreign exchange market. For example, in December 2025, the annual inflation rate in our country was 9.4%. Since the beginning of the year and the beginning of the current year (2026), price dynamics have remained unchanged," he said.
Kozubekov noted that slowdown in food price growth is observed in the inflation structure.
"In the services and non-food segments, prices remain relatively high, reflecting the impact of growing domestic demand and secondary effects. In 2025, the National Bank decided to triple the key interest rate, from 9% to the current 11%. We continue to maintain monetary conditions that will allow us to maintain price stability and achieve our primary goal—maintaining inflation at 5.7% in the medium term," the deputy head said.