BAKU, Azerbaijan, May 12. Kazakhstan is taking set of measures to reduce and curb inflation, Kazakh Minister of National Economy Alibek Kuantyrov said, Trend reports with reference to the ministry.
“Inflation is a global trend. Prices have increased by 36 percent in the world over the past 12 months. There is record inflation taking this into account. For example, inflation in the USA was over 8 percent, this is a big record,” Kuantyrov said.
“There was an increase in inflation also in Germany, Uzbekistan, Russia,” he noted.
“Kazakhstan also has a record - inflation was at the level of 13.2 percent in April 2022. Food inflation has a big impact on the consumer price index. Prices for food are rising due to the fact that supply chains were disrupted during the quarantine regime,” the minister said.
“The climatic factor the geopolitical situation also exacerbated the issue of inflation and we observed this in Kazakhstan last year,” Kuantyrov also noted.
According to Kuantyrov, anti-inflationary measures are being taken together with Kazakh National Bank.
“There is a set of measures to reduce and curb inflation. The National Bank is pursuing a monetary policy, Kazakh Government is taking prompt and systematic measures to diversify, to increase production of basic food products, to bring import substitution to 80-100 percent,” the minister explained.
According to Kazakh National Bank, inflation in Kazakhstan in April accelerated to 13.2 percent against the backdrop of accelerating price growth for all components. According to forecasts, inflation will remain at an elevated level until the end of the year.