ASTANA, Kazakhstan, August 25. Food inflation in Kazakhstan slowed down to 13.5 percent in July 2023, the Chairman of the National Bank of the country, Galymzhan Pirmatov, said, according to Trend reports.
He noted that the increase in prices for non-food items also decreased to 15 percent in July 2023. The annual inflation rate during that month reached 14 percent (compared to 14.6 percent in June 2023).
The inflation rate in Kazakhstan has been decreasing for five months. However, the monthly inflation rate is still above historical averages, standing at 0.6 percent for July of the current year.
At the same time, the increase in service prices accelerated to 13.6 percent, while the rise in utility tariffs occurred only in specific regions. The chairman noted that the rising costs of logistics and high production expenses are affecting the cost of goods and services.
Pirmatov said that inflationary expectations in Kazakhstan have slightly decreased, but they still remain high, which was expected due to public concerns over the increase in utility and fuel prices. According to him, these high inflation expectations could currently hinder the decrease in inflation, as they indicate consumers' behavioral habits.