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Kazakhstan reveals its inflation rates

22 June 2016 [17:17] - TODAY.AZ

/By Azernews/

By Nigar Abbasova

Inflation rate in Kazakhstan since the beginning of 2016 has amounted to 4.2 percent as compared to the rate of 1.5 percent in the same period of 2015, Kazakhstan National Bank reports.

Foodstuff prices in the reported period have increased by 4.3 percent while the increase in the prices of non-food products amounted to 4.2 percent. The volume of increase in the cost of paid services is 4 percent.

Year on year rate of inflation in May 2016 amounted to 16.7 percent, following a 16.3 percent growth shown in April. The figure is considered to be the highest since December, 2008. The increase is mainly triggered by the cost of food and non-alcoholic beverages, utilities, clothing and transport.

Prices for food stuff per year have increased by 13.5 percent while the non-food prices increased by 27.3 percent.

On a monthly basis, inflation level totaled 0.5 percent. Foodstuff prices went up by 0.4 percent, while prices for non-foods have increased by 0.7 percent.

The value of the Kazakh national currency began to decline after the National Bank of the country switched into the floating exchange rate in August 2015. As a result, the exchange rate of the tenge, the national currency of Kazakhstan, dropped by half against the U.S. dollar during six months. In January 2016 the currency faced its lowest level at the rate of 383.91 of the USD.

Inflation rate in Kazakhstan averaged 58.80 percent from 1992 until 2016. An all time high level of approximately 30 percent was reached in December of 1992 while a bottom-line rate of 1.90 percent was shown December of 1998.

The official exchange rate of the US dollar and euro to Kazakh tenge was set at 335.16 tenge and 380.00 tenge respectively on June 22.

URL: http://www.today.az/news/regions/152013.html

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