Inflation hits record highs in Kazakhstan

For the first time in the past six years, inflation in Kazakhstan exceeded 13 percent. The difficult situation in the world and related disruption of supply chains are among the main reasons for it, said the country’s Minister of National Economy Alibek Kuantyrov. At the same time, the annual rise in food prices increased from 15.5 to 18 percent. This was mostly due to the significantly increased prices for sugar, cabbage and sunflower oil. The external inflationary environment continues to put pressure on non-food prices as well.

“For example, inflation in the US is more than 8 percent and it is also a record figure. The situation is similar in Germany, Russia, and Uzbekistan. Kazakhstan also broke the six-year record. In April, inflation was 13.2 percent. Food inflation has a strong impact on the consumer price index. Anti-inflationary measures are being taken in cooperation with the National Bank. There is a set of measures to reduce and curb inflation. While the National Bank is conducting a monetary policy, the government is taking prompt and systemic measures to diversify and increase the production of basic food products, bringing import substitution to 80 to 100 percent,” Kuantyrov said.

Kazakh Prime Minister Alikhan Smailov instructed government members to take further measures to curb inflation. Responsible state bodies should effectively conduct work and keep this issue under special control.

Translation by Assem Zhanmukhanova

Editing by Galiya Khassenkhanova