Annual inflation rate may be below 6% at the end of 2012: National Bank Governor

At the end of 2012 the annual inflation in Kazakhstan may be lower than the anticipated corridor within 6-8%, Newskaz.ru reports, citing the National Bank Governor Gregory Marchenko as saying. According to the State Agency for Statistics, as of the end of June 2012 the annual inflation rate stands at 4.9%. “It is still early to say (…) However, there are some preconditions to believe the annual inflation rate at the end of the year will be below the anticipated 6-8%”, Mr. Marchenko said at a press-conference in Almaty July 4. He noted that the lowest inflation rate since 1999 is bolstered by a number of factors, including somewhat decreasing prices for foodstuffs and crude oil. According to him, weakening of the Euro against the Tenge by 10% means there are no preconditions for growth of prices for imported goods. He elaborated that Kazakhstan imports up to 33-35% of consumer goods, with a substantial part being imported from Europe. “Prices for 2/3 of goods that are part of the consumer price index have been either reducing or remaining stable in the global markets”, he said. As of the end of 2011 the annual inflation rate stood at 7.4%.