Inflation rate rose to 14% in May in Kazakhstan

According to Kazakhstan’s Bureau of National Statistics, the inflation rate in May reached 14%

In May 2022, food product prices surged by 19% over the same period last year; nonfood product prices increased by 11.9% while the cost of paid services has risen by 9.1%.

Among food products that demonstrated the highest price surge are sugar (60.5%), vegetables (31.5%), flour (29.9%), poultry (28.5%), grits (27.1%), potato (26.2%) and fruits (24.6%).

Home appliance prices soared by 20.2%, washing and cleaning products went up in price by 17.5%, construction materials by 17.2%, cars by 16.3%, furniture and utensils by 13.3%, textiles by 9.4%, and pharmaceutical products by 8.7%.

At the same time, the average restaurant bill rose by 14.5%, accommodation at an average resort got as much as 14.3% more expensive, medical costs increased by 12.8%, and barbershops and hotel services went up in price by 11.6% and 6% respectively. Public transportation services prices rose by 4.9%.

Electricity prices surged by 8.7% while natural gas prices increased by 3.2%. Costs of rubbish and wastewater removal services got as much as 2% and 0.6% more expensive respectively. However, centralized heat supply prices declined by 2.3%, while hot water supply got cheaper by 1.1%.

In May, Galymzhan Pirmatov, head of the National Bank in Kazakhstan said that the high inflation rate in the country is going to stay until the end of the year due to external and internal factors that drive the inflation higher.

The dynamic of the consumer prices in Kazakhstan has already passed figures of the 2020 crisis. The peak in the price surge is expected to appear in the second half of the year.