Economy Minister regards year 2011 as “dangerous” in terms of inflation

Minister of Economic Development and Trade Kairat Kelimbetov regards the year 2011 as “dangerous” in terms of inflation. He said that at a government’s sitting today, May 10. He reminded that in January – April consumer prices grew 4.2% as compared to December 2010. “Annual inflation in April against April 2010 makes up 8.4% (…) special attention should be paid to prices for foodstuffs and fuel”, the Minister said. According to him, the Agriculture Ministry in partnership with regional governors should make sure hikes of prices for essential foods do not exceed 10%. The Ministry of Oil and gas and the Ministry of Industry and New Technology should control prices for petroleum products and coal not to allow any further price hikes. The Minister believes that to curb inflation is the primary task of the Government. “High inflation will be deterring foreign investments, raise the cost of borrowed funds (…) besides, social programs could be hit”.