Food prices rose by 19% – National Bank Governor
NUR-SULTAN. KAZINFORM – Last year the Kazakh Government together with the National Bank began implementing an anti-inflationary response package with a view to stabilize nonmonetary inflation factors, Kazinfrom correspondent reports.
As a result, according to Governor of the National Bank Galymzhan Pirmatov, the pace of inflation slowed by 8.4% following results of 2021. Last year food prices rose by 9.9% amid the imbalances in consumer markets and rising global food prices.
Galymzhan Pirmatov said in his report at the plenary session of the Kazakh Senate on Thursday that this year the inflationary pressure continued to mount due to the geopolitical crisis and led to weakening of tenge in February-March 2022 as well as consumer frenzy. As a result, Kazakhstan’s inflation jumped from 8.7% in February to 14% in May. Foodstuff prices grew by 19% on-year, he added.
Pirmatov also noted that the National Bank increased the basic rate by 13.5% on February 24, 2022 amid the worsening geopolitical situation to minimize the consequences of the external shock for Kazakhstan’s economy and preserve stability of prices.