Kazakhstan reveals its inflation rates
By Nigar Abbasova
Inflation rate in Kazakhstan amounted to 0.5 percent in July 2016. Prices for food stuff have increased by 0.5 percent, while prices for non-foods increased by 0.4 percent and paid services by 0.6 percent, Interfax-Kazakhstan reported.
Inflation rate in the country stood at 5.2 percent in July 2016 as compared to the rate fixed in December 2015.
The increase was fixed in the prices of potatoes, cereals, black tea, sugar, bread, vegetables, fruit, pastry, nonalcoholic beverage, while reduction was observed in the prices of eggs and white cabbage.
Increase in the prices of pharmaceutical products amounted to 12.8 percent, while the prices for home appliances and household articles increased by 8.2 and 6.1, respectively.
Prices of public health services have increased by 10.5 percent. Price increase in the services of restaurants and hotels amounted to 4.2 percent while the increase in the sphere of entertainment amounted to 4.1 percent.
Prices of air transport services increased by 22.3 percent while increase in the services of railway and motor transport amounted to 11.8 and 4.9 percent, respectively. The increase was also observed in the tariffs of housing and communal services.
Inflation rate in the country amounted to 13.6 percent in 2015.
Earlier, Kazakh President Nursultan Nazarbayev ordered the National Bank to provide macroeconomic stability of the country and preserve the annual inflation rate at the level of 8 percent, Kapital kz reported.
The value of the Kazakh national currency began to decline after the National Bank of the country switched into the floating exchange rate in August 2015.
As a result, the exchange rate of the tenge, the national currency of Kazakhstan, dropped by half against the U.S. dollar during six months. In January 2016 the currency faced its lowest level at the rate of 383.91 of the USD.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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