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Geopolitical situation aggravates inflation, Kazakh Minister

12 May 2022 14:58

NUR-SULTAN. KAZINFORM «Kazakhstan is taking measures to reduce and curb inflation rates,» Kazakh National Economy Minister Alibek Kuantyrov said.

«Inflation is the global trend. For the past 12 months, global food prices soared by 36% contributing to record inflation. For example, inflation in the U.S. hit a record high of 8%, as well as in Germany, Uzbekistan, and Russia. Inflation in Kazakhstan also hit a new record climbing to 13.2% at the close of April. Food inflation affects greatly the consumer price indices. The food prices soar as the logistics chains were disrupted during the quarantine. Besides, the climate factor observed last year in Kazakhstan and the geopolitical situation worsened inflation,» Kuantyrov told journalists.

The Minister added that the anti-inflationary measures are being taken jointly with the National Bank in Kazakhstan.