Economics

Head of National Bank named reasons for growth of inflation

Photo © Adilbek Tauekelov / Kazpravda.kz
The head of the National Bank, Yerbolat Dossayev, noted the acceleration of food inflation and associates this with the rapid recovery of consumer activity. He stated this at a plenary meeting of the Majilis, Kazpravda.kz reports.

According to him, the main pro-inflationary factor was the rise in food prices, which makes more than half of the contribution to the overall inflation.

“Food inflation accelerated to 11.5% in September, influenced by both temporary and more sustainable factors. In July-August, an untypical for summer growth in prices for potatoes, carrots, beets was recorded,” he stated.

The rise in prices for meat, vegetable oil and sugar also remains a stable factor in accelerating inflation.

Non-food inflation also accelerated in the country, said the head of the National Bank.

“Non-food inflation in Kazakhstan accelerated to 7.5%, primarily as a result of the rise in prices for fuels and lubricants and durable goods - clothing, footwear, furniture, household appliances against the backdrop of a recovery in consumer activity,” Yerbolat Dossayev said.

Inflation for paid services also accelerated to 6.8%, mainly driven by higher prices for electricity, rental housing and transportation services.

"The acceleration of inflation is associated with the rapid recovery of consumer activity, the ongoing fiscal stimulation of the economy and imbalances in certain commodity markets," Yerbolat Dossayev believes.

Author:
Laura Tusupbekova
13:57, 20 October 2021
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