BAKU, Azerbaijan, June 6. Kazakhstan's inflation rate still remains high and exceeds the historical average, Trend reports citing the National Bank of the Republic of Kazakhstan.
The National Bank emphasized the acceleration of the all-items Consumer Price Index (CPI). The sharp rise in food prices keeps exacerbating annual inflation. The uptrend for goods with the highest import content continued against the backdrop of disruptions in logistics and supply chains, and robust demand. The inflation rate is held back by a moratorium on price hikes for regulated utilities and fuel.
Even though monthly inflation kept decelerating to 1.4 percent in May 2022 (two percent in April 2022), it is still quite high and exceeds the historical average. The slowdown in monthly inflation is related to stable domestic demand amid positive fiscal momentum, as well as to high inflation expectations.
Quantified inflation expectations for the year ahead constituted 11.7 percent in May 2022. Following the sharp increase in March 2022, inflationary expectations for the year ahead have slightly declined from April through May 2022. Respondents expecting price growth on the one-year horizon attributed this to higher food prices. The inflation perception also remains high.