Monthly inflation in Kazakhstan increases

Kazakhstan Materials 15 April 2022 15:37 (UTC +04:00)
Monthly inflation in Kazakhstan increases
Nargiz Sadikhova
Nargiz Sadikhova
Read more

BAKU, Azerbaijan, April 15. Monthly inflation was at the level of 3.7 percent in March 2022, annual inflation continued to accelerate and amounted to 12 percent, Trend reports with reference to the press service of Kazakh National Bank.

There is an acceleration of price growth for all components of inflation, the bank said.

"Consumer prices rose by 3.7 percent in March 2022, showing the highest value for this month since 1996. There was an acceleration in price growth to 12 percent in annual terms (in February 2022 - 8.7 percent)," the bank’s message said.

The rise in food prices accelerated to 15.4 percent in annual terms in March 2022 (in February 2022 – 10 percent).

The increase in prices for bakery products and cereals, which began in November 2021, continued due to a low grain harvest and high world prices.

Prices for oils and fats, dairy products and meat accelerated. Excessive demand contributed to the acceleration of sugar prices.

A significant contribution to the acceleration of price growth was made by the rise in prices for fruits and vegetables. There was a significant increase in prices for cabbage, onions, carrots, tomatoes and potatoes.

Annual non-food inflation accelerated to 10.9 percent in March 2022 (8.6 percent in February 2022).

The weakening of the exchange rate affected the rise in prices for almost all groups of goods.

The cost of cars has risen amid a shortage of microchips. Growth in prices for clothing and footwear and medicines accelerated due to rising import prices.

The annual growth rate of prices for paid services accelerated to 8.3 percent in March 2022 (7.1 percent in February 2022).

Rental prices for well-appointed housing have risen due to increased demand and rising home purchase costs. At the same time, prices for outpatient services have increased.

The lifting of quarantine restrictions led to an increase in demand and consequently, an increase in prices for hairdressing services, cultural and recreational services, restaurants and hotels.

The growth of producer prices in the manufacturing industry accelerated to 23.3 percent in March 2022 (in February 2022 - 21%).

The growth in prices of meat and dairy products producers in the structure of food products accelerated against the backdrop of rising prices for fuel, electricity and fodder crops and prices rose by 16.5 percent in annual terms.

Producer prices for oils and fats and for bakery and pasta products slowed down.

There was an acceleration in the growth of producer prices in agriculture up to 17 percent (in February 2022 - 16.3 percent.

The growth in prices for grains and fodder crops accelerated crop production, while the growth in prices for vegetables and melons slowed down.

Prices for live poultry and raw milk experienced higher increases in the livestock sector, while the decline in prices for eggs slowed down.