Kozubekov noted that global markets were characterized by high volatility, and in the first half of the year, there was an increase in food prices.
However, by the end of the year, prices began to show a slowdown in growth, the Deputy Chairman of the National Bank reported.
"Currently, we see that the FAO index, which reflects changes in global prices for food products, is gradually decreasing," he added.
Kozubekov also emphasized changes in global trade, as well as the ongoing geopolitical uncertainty.
"In 2025, changes occurred in the rules of world trade and trade policy. This was accompanied by high geopolitical uncertainty, which contributed to the fragmentation of global trade and changes in regional trade flows," he explained.
Among other things, the increase in logistics costs also affected inflation, Kozubekov noted.
In addition, he pointed to the situation in countries that are key trading partners of Kyrgyzstan.
"In several of these countries, the level of inflation remained high over the past few years, which contributed to the rise in prices for imported goods in the consumer price index," he added.
For reference:
According to the National Statistics Committee, inflation at the end of 2025 was 9.4%. The Ministry of Finance anticipates that in 2026, annual inflation in the Kyrgyz Republic could reach 11% in an optimistic scenario.
