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Economy

Inflation reaches 13% in the country that counts petrol by the litre

Mongolia's July consumer prices rose 13.0% year on year, and the central bank called its monetary policy committee into an extraordinary session for Wednesday afternoon. The fuel ledger, meanwhile, is declared full for August, on Ulaanbaatar's arithmetic alone.

Inflation reaches 13% in the country that counts petrol by the litre

The National Statistics Office put July inflation at 13.0% nationally, against 8.1% a year earlier, with food up 25.5% year on year. The Bank of Mongolia's monetary policy committee ordinarily meets on schedule; it convened out of turn the morning after the print, with its decision due at 14:00 Ulaanbaatar time. Nothing had been published when this edition closed.

The August fuel book, as the industry ministry's state secretary B. Dashpurev laid it out on Tuesday, now reads: 50,000 tonnes of AI-92 under the confirmed Rosneft contract, the additional 25,000 tonnes agreed in Moscow, 5,000 tonnes of aviation kerosene, and a separate 15,000 tonnes of Euro-5 grade. South Korea adds 5,000 to 6,000 tonnes by ship, and China's 6,000-tonne line waits at the border. That, he said, gives capacity to meet August consumption in full. Fuel moved through 165 stations in Ulaanbaatar and 49 in the provinces over the previous day.

The Moscow half of that ledger still stands on one side's word. Minister Gongoryn Damdinnyam, back from meetings with the economic development ministry, Rosneft and Gazprom Neft, wrote that several days will pass before the consignments arrive and that 25,000 tonnes will be enough. Interfax, Kommersant and Izvestia all carried the agreement on Tuesday, each sourced solely to his posts and his ministry's page; the Moscow Times noted directly that Moscow has not commented. Russian state and corporate channels carried no confirmation. Russia shipped 173,000 tonnes of petrol to Mongolia in July, down from 186,400 in June.

The ₮50,000 (about $14) purchase cap lapses on Saturday, and no published decision yet says what follows it. The cabinet met on Wednesday; its decisions were presented by video around midday Ulaanbaatar time, with no text posted by the time this edition closed.