National Bank Sees Inflation in Kazakhstan Decreasing

ASTANA – Kazakhstan’s rate of inflation slowed to 3.9 percent in June as a result of joint actions by the National Bank and government.
“Annual inflation at the end of 2014 was 7.4 percent. In June 2015 it was 3.9 percent in annual terms. Inflation was 6.1 percent in early February of this year,” said National Bank Chairman Kairat Kelimbetov at a press conference at the Central Communications Service.

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However, Kelimbetov noted that there are divergent inflation trends in neighbouring countries and partners of Kazakhstan in the Eurasian Economic Union (EAEU).

“The highest annual inflation rate in May 2015 was formed in Russia – 15.8 percent. In 2014, this rate was 11.4 percent. In Belarus, inflation is 13.7 percent, for the previous year –18.1 percent, in Kyrgyzstan 6 percent and 8.5 percent in 2014. There is the most optimistic situation in Armenia at 5.1 percent, but there is a rise from 4.6 percent in 2014,” Kelimbetov said.

Nonfood products saw the greatest inflationary slowdown in Kazakhstan with price increases falling from 7.4 percent in January to 3.6 percent in June.

Kelimbetov said that the decrease in the inflation rate in Kazakhstan is due to the joint actions of the Government and the National Bank to ensure price stability and exchange rate stability of the tenge against world oil price reductions and the weakening of national currencies of major national trading partners of Kazakhstan.