Kazakhstan observes slowdown in consumer inflation for 11th consecutive month
Kazakhstan’s consumer inflation hits its lowest point since February 2022 after slowing down for 11 consecutive months, Kazinform News Agency cites the Institute for Economic Studies.
According to the Institute for Economic Studies, the country’s inflation increased 9.5% in January this year compared to the same period of last year and 0.8% compared to last December.
It is said that prices for food products rose 8.2% (1.1% compared to last December), non-food products 8.6% (0.5% compared to last December), and 12.3% (0.7% compared to last December) year-on-year.
Inflation is largely driven by food products – 36.1% (3.4% this January), decreasing from a peak of 55% in April-May 2022. The figure has been down by 15.3% since last February.
Contribution of non-food products to the inflation has dropped from 32% to 26.8%.
Paid services account for 37.0% of the inflation, rising by 0.8% since December last year. The figure stood at 20.2% of the total annual inflation in 2023.
In general, the country observes continuous slowdown in inflation after its peak levels in last year.