Kyrgyzstanis’ Response to Soaring Prices: Survey Findings
Consumer Confidence Rises as Inflation Estimates Decrease in Kyrgyzstan
Bishkek, October 20, 2023 – According to a recent survey conducted by Freedom Finance Global, consumer confidence in Kyrgyzstan has shown positive signs as inflation estimates have decreased compared to previous months. The results of the survey were announced by the company to the 24.kg news agency.
The survey, which included 1,600 residents of the republic, revealed that inflation estimates have significantly decreased compared to the indicators observed in July and August. Furthermore, there has been a decline in the perception of the strong rise in prices over the past year. In September, 60.6 percent of the respondents felt that costs were rising faster than before, slightly down from 62.7 percent in August. However, inflation expectations have slightly increased and continue to rise for the second consecutive month.
The survey indicated that at least 11.6 percent of the residents expect a significant increase in prices during the coming month, which is an increase compared to 10.3 percent in August. Additionally, 14.7 percent of the respondents believe that costs will rise in the coming year.
One of the key concerns among Kyrgyzstanis is the increased price of flour. Approximately 72.8 percent of the respondents noted a significant increase in the price of flour. Other items that remain of concern include vegetable oil (49.7 percent), vegetables and fruits (40.9 percent), sugar, and salt (39.2 percent).
“While official statistics do not particularly confirm the increase in the price of flour, several reports about this can be seen in the media. There has been a sharp increase in the price of imported flour from Kazakhstan, but according to statistics, the average cost remains approximately at 63 soms per kilogram of premium grade flour,” the company stated.
The survey conducted by Freedom Finance Global provides valuable insights into consumer confidence and inflation expectations in Kyrgyzstan. It highlights the concerns of Kyrgyzstanis regarding rising prices and emphasizes the need for careful monitoring and management of inflationary pressures in the country.
