National Bank of Kazakhstan shares updates on inflation data

Kazakhstan Materials 23 March 2023 08:10 (UTC +04:00)
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, March 23. Inflation in Kazakhstan reached 21.3 percent in February 2023, compared to 20.7 percent in January 2023, Igor Osipov, Head of the Real Sector Monitoring Department of the National Bank, said, Trend reports, citing the National Bank.

Inflation in February amounted to 1.3 percent, which is significantly higher than the aggregate February average of 0.6 percent registered during the previous five years.

The price for food products increased by 26.2 percent in year-over-year terms, compared to an increase of 25.7 percent recorded in January. Mangystau region demonstrated the worst level of food product inflation (32.1 percent), while the best result was observed in Almaty city (24.6 percent).

Non-food prices also increased across the country by 20.5 percent YoY on average during February, while an increase of 20.2 percent was recorded in January. Non-food product inflation was the most significant in Astana (31.3), exceeding the national average by more than half. On the other end of the spectrum, the Almaty region demonstrated the best result with 16.1 percent.

Paid services became 15 percent YoY more expensive in February, compared to 14.2 percent in January. Akmola region became the inflation leader for this category of products with 20.2 percent, while Shymkent city performed above the average with an 11.2 percent increase being recorded in the city.

In regional terms, inflation accelerated in 17 regions, while a slowdown was registered in three regions.
The National Bank is the central bank of the Republic of Kazakhstan. The objective of the institution is to ensure price stability in Kazakhstan, in addition to regulating fiscal and monetary policy.