Kazakhstan’s Annual Inflation Rate Rises to Nearly 18 Percent, Says Chair of National Bank

ASTANA – Inflation in Kazakhstan reached 17.7 percent in annual terms, said Kazakhstan’s National Bank Chairman Galymzhan Pirmatov at an Oct. 26 press conference.

National Bank Chairman Galymzhan Pirmatov. Photo credit: National Bank’s press service

“All data shows an acceleration in consumer price growth. As a result, seasonally adjusted inflation has been rising steadily in recent months. Its annualized rate increased to 17.7 percent after a slowdown in July, 23.2 percent in August, and 26.8 percent in September,” Pirmatov added.

According to Pirmatov, food prices increased by 22.2 percent, particularly for eggs, vegetable oil, poultry meat, bakery products, cereals, and dairy products. At the same time, a seasonal decline in prices for fruits and vegetables had a specific disinflationary effect.

Inflation of non-food products accelerated to 17 percent in September. The cost of furniture, detergents and cleaning products, household goods, solid fuels, and footwear has increased significantly. 

The annual growth rate of paid service prices reached 12.3 percent. Rent, education, certain types of housing, and communal services contributed significantly to the final rate.

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