Kazakhstan’s Inflation Slows Down to 14% in July

ASTANA – The inflation rate in Kazakhstan decreased in July to nearly 14% in annual terms, said Deputy Governor of the country’s National Bank Vitaliy Tutushkin at an Aug. 15 government meeting, reported Kazinform.

Photo credit: housingwire.com.

“Food inflation in annual terms has nearly halved from 26.2% at its peak in February to 13.5%. Non-food and service inflation decreased to 15% and 13.6%, respectively,” he said.

According to Tutushkin, global economic growth and business activity indicators remain in the positive zone. Despite the short-term easing of risks, the long-term balance of risk is skewed to the downside due to the still high inflation in the world and the fragile geopolitical situation.

Minister of National Economy Alibek Kuantyrov highlighted that Kazakhstan’s economic growth reached 4.8% in seven months this year, recording a 4.6% increase in the real sector and 4.7% in the service sector.

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