Kazakhstan's average monthly inflation rate began to accelerate - National Bank

By Trend

The growth rate of monthly inflation in Kazakhstan despite the decline from the peak after the shock value in March of this year, began to accelerate, significantly exceeding the average annual values, Governor at National Bank of Kazakhstan Galymzhan Pirmatov said during a government meeting, Trend reports citing government.

The largest price increase over the past two months was observed in housing rent, both amid the full-scale offline start of the school year, and an influx of people from a neighboring country after the announced partial mobilization, as well as for education services and stationery.

In annual terms, the inflation reached 17.7 percent. At the same time, the largest contribution continues to be made by rising food prices. Thus, food inflation accelerated to, non–food - to 17 percent. Inflation for paid services reached 12.3 percent.

According to him, the sustainability of high inflationary processes amid fiscal stimulus and increased demand in the economy, including taking into account new external shocks that support high inflationary expectations, requires further tightening of monetary policy.