Kazakhstan's inflation rate hits 5.2 pct
By Vusala Abbasova
Inflation rate in Kazakhstan reached 5.2 percent in October 2015, according to the Committee on Statistics of the National Economy Ministry of Kazakhstan.
Since the beginning of the year, consumer prices in Kazakhstan increased by 8.2 percent, compared to October 2014 when they grew by 9.4 percent.
In addition, prices in industries increased by 5.4 percent over the last month in Kazakhstan, agriculture and wholesale trade were up to 2 percent, while construction rose by 0.8 percent.
Also, tariffs for cargo transportation by all transport means in Kazakhstan increased during the period by 7.2 percent, while tariffs for communication and postal services rose by 0.1 percent.
Since the beginning of the year, prices in Kazakhstan’s industries decreased by 17 percent, while prices for agricultural products fell 0.9 percent.
Wholesale trade prices rose by 0.1 percent from the beginning of the year and construction prices were up to 2.2 percent.
Tariffs for cargo transportation by all transport means from the beginning of the year increased by 22.1 percent in Kazakhstan, postal and courier services for legal entities rose by 12 percent, and communication services for legal entities rose by 0.3 percent.
Inflation rate in Kazakhstan averaged 60.64 percent from 1992 until 2015, reaching an all time high of 2960.80 percent in December of 1992 and a record low of 1.90 percent in December of 1998.
In Kazakhstan, the main components of the consumer price index are: food and non-alcoholic beverages amounted to 34 percent of the total weight; housing, water, electricity, gas and other fuels made 18 percent and clothing and footwear at 12 percent.
Transport accounts for 9 percent; household equipment for 5 percent; recreation and culture for 4 percent and alcoholic beverages and tobacco for 4 percent.
Others include: miscellaneous goods and services amounted to 3.9 percent; health care made 3 percent; communications-2.9 percent; education-2.7 percent and restaurants and hotels-2 percent. The national index has a base of 100 as of 1995.
The CPI reflects the prices and spending patterns registered in the fourteen regional capitals and 27 major cities.
The National Bank of Kazakhstan abolished the currency corridor for tenge and switched to inflation targeting and a free floating rate to ensure the implementation of a new monetary policy on August 20. As a result, tenge lost some 30 percent of its value.
Kazakhstan’s national currency, tenge, dropped to a new record low of 312.65 tenge per US dollar on November 9 2015.
The exchange rate of tenge on Nov. 6 was 307.53 tenge per dollar, according to the Kazakhstan Stock Exchange (KASE).
Kazakhstan’s National Bank said that it will minimize its participation in the currency market in order to maintain its own and the National Fund’s gold-exchange assets from November 5.
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