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National Bank forecasts acceleration of annual inflation in Kazakhstan

11.08.2020 7372
According to the forecasts of the National Bank of Kazakhstan, further acceleration of annual inflation is expected in the country. The head of the National Bank Erbolat Dossayev announced this at a meeting of the Government, Kazpravda.kz reports.

According to the operational data, at the end of the first half of 2020, Kazakhstan's GDP decreased by 1.8% in annual terms against the forecast of the National Bank of 1.5%, which is due to a deep recession in the service sector, in particular in trade and transport. Taking into account the stabilization of inflationary expectations, the National Bank on July 20 of this year reduced the base rate to 9.0% with a narrowing of the interest rate corridor to +/- 1.5 pp to maintain the recovery of economic growth in Kazakhstan," Dossayev said.

He noted that the annual inflation is formed in accordance with the forecasts of the National Bank, amounting to 7.1% in July this year. The annual growth in food prices amounted to 11.3% and continues to make the main contribution to inflation.
The maximum growth rates are maintained for bakery products and cereals (13.8%), fruits and vegetables (13.4%), while the growth rate of prices for meat and meat products (12.9%) slowed down somewhat.

The annual growth in prices for non-food products remained at the level of 5.4% with a continuing decrease in prices for fuels and lubricants (gasoline - by 0.2% in July). The annual growth in prices for paid services increased from 3.0% to 3.2% in July against the background of the gradual exhaustion of the effect of a temporary reduction in utility tariffs in the context of the state of emergency. Tariffs for regulated utilities increased by 0.9% in July. In the coming months, further acceleration of annual inflation is expected within 8-8,5% by the end of 2020", - the speaker concluded.

Source: kazpravda.kz

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