CPI inflation in Kazakhstan slows to 5.8% y/y in August.

By bne IntelliNews September 2, 2013

CPI inflation slowed to 5.8% y/y in August after 5.9% y/y posted in May-Jul and 6.4% seen in April, the State Stat Agency has reported. In m/m terms, inflation made up 0.2% in the reported month.

Prices for services remain the main drivers of inflation as they grew by 0.5% m/m and by 10.5% y/y. Prices for non-food products went up by 0.3% m/m and by 3.1% y/y. On the other hand, prices for food products remained at the same level as in July but increased in y/y terms by 4.3%. Seasonal factors are behind flat food prices.

According to the agency, prices for vegetables decreased by 5.6% m/m and for fruits by 0.9% m/m. On the other hand, among services, prices grew for train communication – by 1.5% m/m, sport and recreational services – by 0.8% m/, restaurants and hotels – by 0.4% m/m, health services – by 0.3% m/m.

Inflation rate remains below the expectation of the government which assumes 6-8% inflation this year. Still, after exclusion of the seasonal factors in summer, inflation is likely to match the planned corridor in the end of the year.

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