Rising food prices contributing to inflation – National Bank

ASTANA. KAZINFORM Inflation accelerated in Kazakhstan in 2022 having reached 20.3% in a per year terms, Governor of the National Bank Galymzhan Pirmatov said at the Government’s weekly sitting today, Kazinform reports.

Despite some slowdown in monthly inflation (1.2% in December) – it still surpasses the annual average indicator of 0.7% in the past five years, he noted.

«In a per year terms, inflation reached 20.3%. Soaring food prices (25.3% per annum) keep contributing to inflationary processes most. There was a seasonal increase in the price of fruits and vegetables,» said Pirmatov.

According to him, non-food inflation also quickened to 19.4%.

According to the Governor of the National Bank, paid services inflation in Kazakhstan stayed at 14.1% in December 2022. The growth in the cost of housing rent and utility services slowed down.