Mongolia’s annual inflation rate fell to 12.3 percent in January by 0.9 percent from previous month.

The inflation rate in Mongolia peaked at 16.1 percent last June due to higher prices for imports. The figure has been gradually decreasing ever since.

There are 410 items in the landlocked country’s consumer goods and services basket. More than half of them are imported, according to the statistical agency.

The Asian country has aimed at reducing its inflation rate to a single digit by the end of this year.