In Q3 2025, Kyrgyzstan’s annual inflation rate stood at 8.9%, accelerating from the previous quarter’s 7.7%, according to the National Bank of the Kyrgyz Republic’s monetary policy report, as reported by Economist.kg.
Despite the acceleration, the actual figure was 0.1 percentage point lower than the regulator’s forecast. In September, annual inflation settled at 8.4%.
The primary drivers of the uptick were external factors: volatility in global food prices, tense conditions in Russia’s fuel market, and ongoing geopolitical uncertainty. Domestically, upward pressure on prices stemmed from:
— increases in electricity and heating tariffs;
— rising domestic demand, fueled by higher wages, expanded government spending, and growth in consumer lending.
The food category recorded the strongest price growth—10.7% in September. Meat prices rose notably (+11.3%), while fruits and vegetables surged by 38.8%, largely due to seasonal supply shortages and delays in the new harvest. Prices for non-food goods increased by 5.6%, and services rose by 7.5%.
Meanwhile, core inflation—which excludes volatile food prices and administratively regulated tariffs—remained within the National Bank’s target range at 6.5%.
Inflation expectations among businesses and the public remain subdued and are forming below the actual inflation rate. Economic agents anticipate moderate inflation over the next 12 months, supported by stable conditions in the foreign exchange market.
CentralasianLIGHT.org*
December 26, 2025