Inflation in Kazakhstan expected to hit 13% to 15% by end of 2022

16.06.2022, 17:45

Inflation can hit the level of 13 to 15 percent by the end of 2022. Such a forecast was announced by Governor of the National Bank of Kazakhstan Galymzhan Pirmatov during the plenary session of the Senate. It was formed "taking into account the implementation of a set of measures of the Government to control and reduce inflation." At the same time, it should be noted that the country’s Minister of National Economy Alibek Kuantyrov previously reported that inflation has already hit 13 percent. In turn, Pirmatov said that the government, together with local executive bodies, began to implement a set of measures to control and reduce the updated inflation rate.

“Inflationary pressures intensified this year due to the geopolitical crisis, followed by the depreciation of the tenge in February-March and excessive consumer activity due to high uncertainty. As a result, inflation rose from 8.7 percent in February to 14 percent in May. The rise in food prices, which reached 19 percent in annual terms, also had a significant impact. In order to strengthen the anti-inflationary policy, the government, together with local executive bodies, is implementing a set of measures to control and reduce inflation for 2022-2024,” said Galymzhan Pirmatov, Governor of the National Bank of Kazakhstan.

Pirmatov also noted that in 2021, the economy of Kazakhstan grew by more than four percent and returned to pre-pandemic indicators.

 

Translation by Assem Zhanmukhanova

Editing by Saule Mukhamejanova