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B. Sagintayev instructed to keep prices for socially important products under control and prevent unreasonable growth of inflation

by April 3, 2018 Key Issues

According to the MNE RK, in January-March 2018 inflation in Kazakhstan was 1.8%. In general, since the beginning of this year, the inflation rate has remained within the new corridor of 5-7%.

“Compared to the 1st quarter of 2017, there is a slowdown in prices for two components of inflation: 2.2% for food products (3.2% in the 1st quarter of 2017), 1.3% for non-food products (1.7% in the 1st quarter of 2017). At the same time, prices and tariffs for paid services have remained at the level of the previous year � 1.7%,” Timur Suleimenov said.

The prices for buckwheat decreased by 12.6%, eggs � by 1.1%, rice � by 1.0% and sunflower oil � by 0.2%. At the same time, there is an increase in prices for white cabbage, potatoes, onions, fruits and tobacco products.

The lowest price increase (1.3%) was recorded for non-food products. Prices for paid services increased (1.7%) with moderate rates. Among the paid services, the highest price growth was registered for legal (by 6.0%) and postal (by 4.3%) services. Meanwhile, prices for air transport services (8.5%) and vehicle maintenance (3.4%) fell significantly.

In the regional context, since the beginning of the year in 10 regions, inflation is below the national average.

At the same time, inflation in six regions was higher than the average republican level. These are North Kazakhstan (2.5%), Pavlodar (2.3%), Kyzylorda (2.3%), East Kazakhstan (2.1%) South Kazakhstan (1.9%), and Almaty city (1.9%).

“In order to stay within the new corridor (5-7%) of inflation, the mentioned regions need to take measures to curb price increases. Moreover, the rest of the regions should keep low inflation rates,” said Minister Timur Suleimenov.

The Prime Minister Bakytzhan Sagintayev instructed the heads of relevant ministries and departments, akims of the regions to keep the situation with the prices of socially important goods under control and prevent unreasonable growth of inflation.

The control has been assigned to the Deputy Prime Minister E. Dossaev.

Source: The Prime Minister of Kazakhstan