Mongolia’s annual inflation rate accelerated to 16.1% in June from 15.6% in May, the fastest pace since 2009 and a sizeable surge compared to a 6.6% inflation in the previous year. The prices of imported goods increased sharply by 9.2% YoY. This high inflation print will likely push the central bank to hike its benchmark interest rate even further, despite already having hiked its benchmark interest by 400bps to 10% since the start of the year.