“Hard times ahead” – deputy prime minister comments on inflation in Kazakhstan

Serik Zhumangarin, deputy prime minister and minister of trade and integration of Kazakhstan said that there are hard times ahead in terms of work aimed at fighting against inflation.

«I have dealt with this task – fighting against the galloping inflation – since the moment I have been assigned to the office. We’ve done it. We can see now that the inflation rate is decreasing, so I think the cabinet has been doing quite well in this direction. However, it is too early to celebrate. Hard times ahead: April, May and early June. This is the so-called offseason,» he said.

According to Zhumangaring, the government has already bought 33,000 tons of potatoes, 11,000 of carrots and 7,000 of cabbage and onion. «We have to stockpile as much food as we can until the new harvest will arrive,» the deputy prime minister highlighted.

When Zhumangarin was asked whether he is in a position to fulfill the president’s order and lower inflation, he replied that he is going to do his best.

«There are two groups of people: those who criticize from outside and those who prefer to do something, as I do personally. I am not a forecaster, I prefer to work. And the job we have been doing is going to bring us positive results,» he said.

In March 2023, Kazakhstan reported an annual inflation rate of 18.1%, a 3.2% decrease compared to February 2023 (21.3%). However, experts expect inflation will be quite high in 2023-2025: 12.2% in 2023, 8.8% in 2024 and 7.2% in 2025.