Kazakh subsistence minimum amounts to €68 in October

By bne IntelliNews November 4, 2015

The subsistence level amounted to KZT21,226 (€68) in Kazakhstan in October, 3.8% up from in September, the State Statistics Committee has informed. In y/y terms, the subsistence level increased by 4.1%. The increase in m/m terms is slightly lower than the inflation rate – in October prices increased by 5.2 m/m, demonstrating the effect of sharp depreciation of the tenge after a decision on introducing a free-floating exchange regime was adopted on August 20.

However, it is worth noting that although the subsistence minimum increased, its growth rate was lower than the rate of the tenge's depreciation. It shows that the government has so far been successful in controlling food prices as food constitutes the largest part of the subsistence minimum. On the other hand, items included in the subsistence minimum is mostly locally-manufactured, the price of which is not affected by the exchange rate as much as prices of imported goods. Indeed prices of foodstuffs grew by 4.6% m/m in October against a 10.2% growth in prices of non-food products.

Food products accounted to KZT12,736, while non-food products to KZT8,490 of the subsistence minimum.

The subsistence level for children under 13 stood at KZT18,877, while for teenagers between 14 and 17 at KZT26,419 (for boys) and KZT20,243 (for girls). The subsistence level for working-age men stood at KZT24,904 and for women at KZT19,758. The subsistence level for the retired was established at KZT19,600. The population of Kazakhstan is 17.5mn people. 

Related Articles

Turkish lira’s chronic weakness credit negative for Turkey’s sovereign rating says Moody’s

The chronic weakness of the Turkish lira (TRY) is credit negative for Turkey’s sovereign debt rating and poses ... more

S&P raises Poland’s outlook to positive on rosy prospects of economy in 2018

Standard and Poor’s raised its outlook for Poland from stable to positive on April 13, while maintaining the country’s rating at BBB+.  The raising of the outlook is based on ... more

Iran 'readying move to switch all foreign transactions from dollars to euros'

Central Bank of Iran (CBI) governor Valiollah Seif has said the cabinet is planning to push ahead with proposals to replace the dollar with the euro for all transactions conducted with foreign ... more