Kazakhstan’s annual inflation falls to 13.1%

Kazakhstan’s annual inflation has fallen for six consecutive months to 13.1%, Timur Suleimenov, the head of the National Bank, announced.

“Annual inflation has been falling for six months. Its current level is 13.1%. The share of food and non-food components in annual inflation is decreasing, and the share of inflation of paid services is increasing,” Suleimenov said at a government meeting.

“Despite the decline in annual inflation, monthly inflation accelerated from 0.6% to 0.7% in July. The monthly inflation growth rate is above average,” he added.

Food inflation has also slowed since the beginning of the year. Due to the decline in prices for producers of food products and agriculture, its level slowed down to 12.4%.

Fruits and vegetables have become cheaper due to the seasonal period, but their growth rates are lower than in previous years. Non-food inflation in August reached 13.5%, and the annual rate slowed down.

“Due to the strengthening of the tenge in previous months, the growth of prices for personal goods, household items, building materials, and medicines is slowing down,” Suleimenov said.

“In August, there was a significant increase in prices for clothes, shoes, household appliances, cars, and gas,” Suleimenov added.

In addition, due to the increase in tariffs for housing and communal services, the inflation of paid services accelerated. Tariffs in August increased by 6.1% in annual terms—by 13.9%.