05 January 2025 | 15:58

Inflation in Kazakhstan has slowed down

©️ Tengrinews.kz / Turar Kazangapov

Tengrinews.kz - The National Statistics Bureau has published inflation data in Kazakhstan.

Inflation for the month in Kazakhstan

According to the National Statistics Bureau, the monthly consumer price index in December was 0.9% (in November it was at the same level).

Prices for paid services increased by 0.8%:

hotels - by 3.1%;
catering, baths - by 2%;
photographers - by 1.7%.

Non-food products increased by 0.8%:

tablets - by 12.8%;
gold wedding ring - by 8.3%;
medicines - by 0.9%.

Food products increased in price by 1.1%:

cucumbers - by 31.3%;
tomatoes - by 13.2%;
sweet peppers - by 10.4%.

Inflation per year in Kazakhstan

Inflation in Kazakhstan slowed down from 9.8% in 2023 to 8.6% in 2024.

Prices for paid services increased by 13.3% per year (in 2023 - 12.4%), non-food products - by 8.3% (in 2023 - 9.1%), food products - by 5.5% (in 2023 - 8.5%).

Photo: Bureau of National Statistics

The largest contribution to the annual inflation rate was made by food and non-alcoholic beverages (2.1 percentage points), housing services (1.8 percentage points), clothing and footwear (1 percentage point).

In 2024, compared to 2023, tariffs for cold water increased by 43.1%, water disposal - by 25.7%, central heating - by 22.3%, hot water - by 19.2%, electricity - by 18.4%, gas transported through distribution networks - by 12.1%, garbage collection - by 10.3%.

Prices for services for organizing complex recreation increased by 23.9%, communications - by 16.8%, hairdressers and personal service establishments - by 12.5%, health care services - by 11.1%, maintenance and repair of personal vehicles - by 10.9%, catering - by 10.4%, services in the field of recreation and sports events - by 9.5%. Travel by rail passenger transport increased in price by 24.9%, by city bus - by 11.8%, by air passenger transport - by 10.1%. Payment for rent of housing increased by 12.3%.

The price level for audiovisual equipment increased by 42.2%, new domestically assembled passenger cars by 28.2%, jewelry and watches by 22.2%, clothing and footwear by 10.5%, pharmaceuticals, furniture and household items by 10.2%, personal goods by 6.9%, and building materials by 5.3%. Firewood increased in price by 15.6%, liquefied gas in cylinders by 10.1%, and coal by 8.6%. A decrease in prices was recorded for small electrical appliances by 20.1% and tableware by 10.3%.

The price increase was noted for tobacco products - by 15.9%, mineral and drinking water - by 15.3%, confectionery - by 12.8%, fresh vegetables - by 12.4%, soft drinks - by 11.7%, processed and canned fish - by 10.7%, ice cream - by 10.6%, fruit and vegetable juices - by 10.5%. A decrease in prices was observed for buckwheat by 21.4%, carrots - by 8.7%.

In the regional context, in 2024, the inflation rate exceeding the national average was formed in ten regions, of which the highest was in Astana (10.7%) and Karaganda region (9.6%).

Earlier, the National Bank of Kazakhstan presented a report on monetary policy, which updates its forecasts for economic growth, the base rate, and other indicators.

The forecasts were revised amid a decline in demand for oil on the external market and expectations of supply growth. Inflationary pressure on the domestic economy remains due to potential price increases on global food markets and rising inflation in Russia, the main trading partner. Rising production costs, caused by rising prices for manufactured goods and imported goods, will also increase price pressure on non-food products.

inflation cost economy