Mongolia’s inflation rate slowed for the 4th consecutive month, rising to 7.6% YoY in January, the lowest since June 2021. Food inflation was still high at 11.7% YoY. Fitch, meanwhile, affirmed its rating of B for the country with a stable outlook. According to a preliminary estimate by the nation’s economy department, growth stood at 6.8% last year. The agency forecasts that the growth will likely slow to 4% in 2024 as exports stabilize despite a pick-up in domestic demand. The delays at the strategically important Oyu Tolgoi copper mine will likely mean only more significant contributions to GDP from 2025 onwards.