Society • 09 June, 2020

Food prices increased in Kazakhstan

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Annual growth in food prices accelerated to 10.7%. This was announced at the Government meeting by Chairman of the National bank of Kazakhstan Yerbolat Dossayev.

"In May this year, annual inflation was higher than the target range of 4-6% by 2020 and amounted to 6.7%. Annual growth in food prices accelerated to 10.7%. This is the highest figure since October 2016," the Chairman of the National bank said.

According to him, despite the fact that the monthly growth remains high, the growth rate of prices for certain food products has stabilized. The annual increase in prices for non-food products was reduced to 5.3% from the decrease in prices for fuel and lubricants (gasoline and diesel).

"The annual inflation of paid services for the month decreased from 3.5% to 3.0% from the temporary reduction of tariffs for regulated utilities in emergency situations. In May, tariffs decreased by 3%, and on an annual basis by 1.9%. According to our estimate, this year annual inflation will be formed above the target range of 4-6%. In accordance with the base scenario, which provides for 35-40 US dollars per barrel of Brent oil, it will be 8.0-8.5%. As the results of the exchange rate transition to domestic prices are completed in 2021 and the situation in the domestic economy stabilizes, annual inflation gradually slows down the high limits of the target corridor," Yerbolat Dossayev said.

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