Supply chain disruptions pile up pressure on inflation – National Bank Governor

NUR-SULTAN. KAZINFORM – Tense geopolitical situation in the world has strained supply chains, Governor of the National Bank of the Republic of Kazakhstan Galymzhan Pirmatov said Thursday, Kazinform correspondent reports.

While speaking at the plenary session of the Senate, Governor Pirmatov noted that this year macroeconomic situation is developing amid worsening geopolitical situation and rising volatility at the financial and goods markets.

«Amid geopolitical tensions the world is observing supply chain disruptions which, in turn, pile up pressure on global inflation. In this light the IMF forecasts that elevated level of global inflation is set to persist longer than expected,» Galymzhan Pirmatov said.

The Governor of the National Bank went on to stress that global food prices have reached a new all-time high. He noted the FAO Food Price Index averaged 159.3 points reaching its highest level since 1990.

Earlier at the plenary session Galymzhan Pirmatov said that the budget deficit for 2022 in Kazakhstan is projected at the level of 3.3% to GDP.