Kazakh CPI inflation up 15% y/y in July

Kazakh CPI inflation up 15% y/y in July
/ bne IntelliNews
By bne IntelIiNews August 17, 2022

Consumer price index (CPI) inflation in Kazakhstan grew to 15% y/y in July, according to data published by the country’s statistical office.

Inflation continues to accelerate mainly due to economic impacts of Russia’s invasion of Ukraine and resulting sanctions imposed on Moscow - Kazakhstan’s economy is heavily reliant on trade with Russia.

Price growth was primarily pushed up by annual food inflation. It stood at 19.7% in July, while non-food inflation was 14.2%. 

Following the countrywide unrest that broke out in Kazakhstan in early January, President Kassym-Jomart Tokayev ordered authorities to slow the inflation rate to 3-4% by 2025. That is now an unlikely prospect given the indirect hit to the Kazakh economy caused by the anti-war sanctions directed at Russia. 

Inflation in prices of services registered at 9.2% per annum in July.