Prices of social goods have levelled off in Kazakhstan, according to the Ministry's announcement.
In a recent announcement, the Ministry of National Economy of Kazakhstan reported a notable slowdown in the pace of food inflation within the country. The pace of food inflation has slowed by half in August, marking a significant milestone in the efforts to stabilise prices on socially important food products.
The Kazakh government has been actively implementing measures over the last four weeks to address the issue, and it seems these efforts are bearing fruit. Prices on socially significant food products have remained unchanged for four consecutive weeks, offering a glimmer of hope for consumers.
The decrease in prices isn't limited to just a few products. Both vegetables and rice have seen a drop in prices, providing further evidence of the government's successful interventions. However, it's important to note that imported food products, accounting for 23-27 percent of food products, still significantly influence food inflation in Kazakhstan.
To combat this, the Ministry of National Economy proposes strengthening measures for import substitution programs. The aim is to effectively contain food inflation and ensure a more stable market for consumers.
Despite the 0.5 percent increase in food inflation in August, the overall trend is positive. In July, annual inflation in Kazakhstan was at 11.8 percent. While August saw a slight acceleration to 12.2 percent, the slowdown in the pace of inflation is a promising step towards a more stable food market.
The growth of prices for salt and sunflower oil, which had been a concern, has also shown signs of slowing down. This is largely due to agreements with producers to stabilise prices, a testament to the government's commitment to addressing consumer concerns.
The announcement was reported by our website, citing 24.kz, further validating the claims made by the Ministry of National Economy. The index for sugar has also decreased in Kazakhstan, adding to the positive trend.
As the government continues to implement measures to stabilise food prices, consumers can look forward to a more stable market in the coming months. This promising trend could signal a turning point in the fight against inflation, offering relief to households across Kazakhstan.
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