BAKU, Azerbaijan, July 25. Annual inflation accelerated to 14.5 percent in Kazakhstan in June 2022, Trend reports via the National Bank of Kazakhstan.
According to the bank, in the reporting month prices rose for all its components - food products (19.2 percent), non-food products (13.2 percent) and paid services (9.2 percent) as a result of the growth of cost-push inflation due to supply chain disruptions, external inflationary pressures, as well as strong demand supported by fiscal stimulus, and a depreciating tenge.
Core inflation started to accelerate again, outpacing general inflation and showing the predominance of sustainable price drivers. Inflationary expectations also demonstrated acceleration. In June 2022, the median estimate of expected inflation over a one-year horizon increased to 14.9 percent (versus 13.8 percent in May).
Given the formation of actual inflation and inflation expectations in May-June at higher levels, the National Bank forecasted an acceleration of annual inflation in 2022 above the upper limit of the previously announced forecast of 13-15 percent. A new assessment will be carried out within the next forecast round.
