Consumer price index (CPI) inflation in Kazakhstan grew by 19.6% y/y in November, up from the 18.8% y/y recorded in October, according to data published by the country’s statistical office.
Inflation continued to accelerate mainly due to economic impacts of Russia’s invasion of Ukraine and the 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 24.1% in November, while non-food inflation was 18.6%.
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 economy caused by the anti-war sanctions directed at Moscow.
Inflation in the prices of services registered at 14.1% per annum in November.