Inflation reaches 16.1 percent in Ulaanbaatar

Inflation at the end of May was 13.1 percent nationwide and 16.1 percent in Ulaanbaatar, where meat prices rose 50 percent and that of vegetables 20 percent. There are concerns that the inflation rate would rise to the level of two years ago, when it stood at 34 percent, with the price of wheat and flour rising the most.

The consumer price index last month was up by 3.2 percent nationwide, and 4.2 percent in Ulaanbaatar. The CPI usually rises by no more than 2 percent a month, and the present higher rate is also traced to the meat price. Price of beverages also rose by 6.4 percent in May, while fuel and diesel prices rose by 2.7-4.2 percent. Inter-city transportation expenses rose by 25 percent last year.

Some 65.8 percent of the total population is between 15-60 years, which means there are 1 million and 111,000 people able to work. Only 975,900 of them have jobs. Of the unemployed, 38,796 are registered as looking for jobs. Of them again, 50.3 percent have lost their job while the rest has never worked. In May, 23,100 people registered anew, while 14,100 were sent to an employer.

Men constitute 76.3 percent of the unemployed. The poverty rate stands at over 35 percent for the third year in a row. People between 16-34 are 54.7 percent of the registered unemployed.
source: www.news.mn
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