BAKU, Azerbaijan, August 16. The growth rate of monthly inflation in Kazakhstan in July slowed to 1.1 percent from 1.6 percent a month earlier, although it still remained at a high level, Deputy Governor of National Bank of Kazakhstan Akylzhan Baimagambetov, Trend reports.
According to him, monthly inflation averaged 0.3 percent in July over the past 5 years.
The slowdown in price growth occurred under the influence of seasonal reductions in prices of fruit and vegetable. A more significant slowdown in consumer price growth is hindered by the continued demand in the economy against the background of the implemented stimulating fiscal policy, pressure in the external and internal sectors of the economy in the context of ongoing geopolitical tensions and concomitant imbalances in the markets.
Against this background, annual inflation in July increased from 14.5 percent to 15 percent. At the same time, more than half of the contribution to inflation continues to be made by rising food prices. Thus, food inflation accelerated from 19.2 percent to 19.7 percent, non–food - from 13.2 percent to 14.2 percent.
Inflation for paid services, despite a relatively high monthly growth rate, remained unchanged at 9.2 percent due to the effect of a high base in 2021. Thus, inflationary pressure in the economy remains at a high level.