The annual inflation rate for Mongolia rose by 13.2 percent year on year in December, data by the country’s National Statistics Office (NSO). The index decreased by 1.3 percent from a month earlier.

The increase was mainly due to the higher prices for imported goods. There are 410 items in the landlocked Asian country’s consumer goods and services basket, with more than half of them being imported.

The country has set a goal of reducing its inflation rate back to single-digit levels by the end of 2023