Today’s Government meeting chaired by Prime Minister Bakytzhan Sagintayev has considered the data on the inflation rate for the 9 months of 2017 and the planned measures for its containment until the end of this year.

Minister of National Economy Timur Suleimenov reported that since the beginning of 2017, the Republic is witnessing a slowdown in inflation developments. Inflation was 0.3% in September of this year, and 4.2% overall since the beginning of the year. The main factors of the slowdown were the stabilization in the foreign exchange market situation, moderate inflation expectations, as well as the growth in the output of main types of food products. Thus, food prices have been falling for the last 3 consecutive months. At the same time, prices and tariffs for paid services are growing at a moderate pace.

Despite the seasonal decline in food prices, since the beginning of this year a double-digit price increase has been noted for onions, carrots, beets, lamb meat and beef. At the same time, double-digit price declines were recorded for eggs, buckwheat, cabbage, sugar and sunflower oil. Regarding non-food products, the greatest increase in prices is observed for diesel fuel, gasoline, liquefied gas, fabrics, stationery, footwear and solid fuel.

To mitigate these risks, the Government will take preventive measures to prevent an unjustified increase in prices and tariffs for socially important food products and services.

In this regard, Akims of the regions together with the Ministry of Agriculture need to ensure a sufficient supply of basic food products in the Regional Stabilization Funds. And also conduct daily monitoring of prices, effectively use the resources of stabilization funds to prevent a deficit and saturation of the market with socially important foodstuffs.

The Ministry of Energy jointly with the Akims of the regions should carry out appropriate work to prevent unreasonable increase in prices for fuel and lubricants during the heating season.

Taking into account the above-mentioned preventive measures, the inflation rate for the year 2017 is expected in the range of 6.9-7.5%, which corresponds to the planned level.

www.primeminister.kz

Published: 03 October 2017

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