Mongolia  has decided to exempt import tariffs for certain food products until the end of this year in order to ensure their supply and price stability.

The government approved a list of certain food products such as sugar, vegetable oil and rice to be exempt from import tariffs.

It is estimated that the exemption is to help reduce the retail price of those products by 4 to 7 percent.

Consumer prices have been rising sharply in Mongolia due to the continued border restrictions caused by the COVID-19 pandemic and the ongoing Russia-Ukraine conflict.

For example, the average retail price per kilogram of rice stood at MNT 6,900 at the end of the first quarter of this year, up 130 percent from the same period last year.