Kazakhstan's CPI inflation slows to 18% in March

Kazakhstan's CPI inflation slows to 18% in March
/ bne IntelliNews
By bne IntelIiNews April 19, 2023

Annual inflation in Kazakhstan in March registered at 18.1%, down from the 21.3% recorded in February, the Bureau of National Statistics has reported.

The figure was much higher than the 15.5% projection made by the central bank at the end of the third quarter of 2022, but inflation nevertheless appears to be on a downward trajectory, partly due to the outflow of Russian citizens from Kazakhstan following the Kazakh government introducing barriers to easy visa renewal for Russians.

Inflation still remains in the double digits 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.

Food inflation fell to 20.5%, while non-food inflation slowed down to 18.1%. 

Inflation in prices of services moderated to 14.1%, the bureau said.