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Kazakhstan observes slowing down of food inflation

Finance Materials 12 May 2021 14:46 (UTC +04:00)
Kazakhstan observes slowing down of food inflation

BAKU, Azerbaijan, May 12

Trend:

The inflation rate in Kazakhstan in April 2021 remained at the level of the previous month - 7.0 percent with a slowdown in food inflation and acceleration of non-food and service components, Trend reports with reference to the National Bank of Kazakhstan.

Food inflation slowed down from 10.7 percent to 9.8 percent amid slowing growth in prices for bakery products, meat, sugar, fruits, and vegetables.

The non-food inflation accelerated from 5.6 percent to 6.4 percent amid the resumption of business activity, the recovery of income of the population, and the growth of imports.

The monthly increase in prices for non-food products shows the highest value since October 2017.

The prices for clothing and footwear increased up to 5.5 percent in annual terms. The gasoline prices have increased by 11.6 percent since the beginning of this year amid a decrease in domestic supply and an increase in tariffs for the transportation of oil products.

The inflation rate of paid services increased from 3.7 percent to 4.1 percent due to the transition from the low base of last year into the category of regulated utilities, as well as the rise in prices for certain market services.

The National Bank decided to keep the base rate at 9.0 percent per annum with a range of +/- 1.0 percentage points on April 27, 2021 amid the continued pro-inflationary factors associated with an increase in external prices for food products, accelerated inflation in the countries - trading partners.

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