Kazakh annual CPI inflation at 8.9% in September

Kazakh annual CPI inflation at 8.9% in September
By bne IntelIiNews October 5, 2021

Annual consumer price index (CPI) inflation in Kazakhstan stood at 8.9% in September, up from 8.7% in August, according to data published by the country’s statistics office.

The figure marked an acceleration driven by annual food inflation, which stood at 11.5% in September - the double-digit food inflation rate is a result of global coronavirus pandemic-related restrictions while the impact of drought in agriculture may also have been a factor.

The regulator was previously aiming to achieve a 4% inflation rate in 2020, but consumer prices moved away from the upper boundary of the 4-6% inflation corridor that the central bank was maintaining. Inflation officially surpassed the 6% boundary in March 2020 and continued to rise due to the effects of the pandemic.

Non-food inflation stood at 6.8% in September, down from 7.3% in the previous month. 

Inflation in prices of services registered at 8.8% in September, up from 6.6% in September.