Kazakhstan’s food prices among the lowest in EAEU
Second only to Armenia, Kazakhstan showed among the Eurasian Economic Union (EAEU) nations one of the lowest rates of food price growth for the first nine months of 2024, according to data by the Eurasian Economic Commission, Kazinform News Agency reports citing the Ministry of Trade and Integration.
The rise in food prices in Kazakhstan was 2.9%, while in Russia this figure reached 4.5%, and 3.7% in Belarus. Annual inflation fell to 8.3% in September with annual terms' increase in food prices dropping to 5.1%.
“To stabilize prices, the Ministry of Trade and Integration of the Republic of Kazakhstan is implementing support measures, including priority financing for the SZPT, supporting domestic production; commodity interventions in the off-season; control of the maximum trade markup; strengthening the analysis of price chains to eliminate intermediaries; development of modern trade formats and infrastructure,” the Ministry of Trade and Integration of Kazakhstan reported.
It also reported that since the beginning of the year, 4,014 administrative decisions have been issued for exceeding the maximum trade markup: “This includes 667 fines and more than 3.3 thousand warnings worth 25 million tenge. Compared to the same period last year, the number of decisions has increased fourfold.”
Work is also continuing to support domestic producers. “In order to support domestic egg producers, a restriction on the import of eggs by road was introduced from May 1 of this year for a period of 6 months. In order to protect the domestic market, in connection with the restrictive measures introduced on the export of sugar by Russia, a ban on the export of sugar from the territory of the Republic of Kazakhstan to the countries of the EAEU and to third countries was introduced from June 14 to August 31 of this year,” the ministry shared.
Data provided by the National Bureau of Statistics of Kazakhstan shows notable price swings in the food industry last month. For various items, including tomatoes (up 28.2%), cucumbers (22.5%), and tobacco (17.4%), prices rose. Mineral water (14.4%), confectionery (13.6%), bananas (12.9%), eggs (11.8%), and soft drinks (11.6%) among other products encountered price hikes.
For other basics, nevertheless, such cabbage (down 26.5%), buckwheat (22.5%), carrots (12.8%), and sunflower oil (12.1%), declines were seen. Eleven regions had yearly inflation over the national average; Astana (10.3%), as well as Mangistau (9.8%), and East Kazakhstan (9.2%) regions had the highest rates.
