Inflation at 20.3%: a record since 1996

On January 4, the Statistics Bureau of the Republic of Kazakhstan released the final inflation figures for 2022. The annual inflation rose from 19.6% in November to 20.3% towards the end of the year. This is the highest rate since 1996, when inflation in Kazakhstan was 28.9%, reports World of NAN.

A month ago we have already published a feature on inflation, and now we are providing you with up-to-date data. In general, we believe that such information may also be useful for farmers, who could prioritize those foods that have increased in price the most in the new year, in order to increase the profitability of the business and meet consumer demand.

Among the three segments (food, non-food, and paid services), food prices rose the most in 2022, by 25.3%. Among the major groups, the following items showed the greatest growth: "household goods" (+30.2%) and "restaurants and hotels" (+25.1%). As for foodstuffs, the prices of granulated sugar (+63.7%), bananas (+46.2%), whole wheat flour (+43.2%) and barley groats (+42.3%) rose the most.

As for the primary agricultural products, in addition to those mentioned above, the prices of onions (+40.6%), buckwheat, oats and semolina (+37-38.2%), sour cream (+38%), rice (+36.5%) and hard cheese (+34.2%) rose the most. December prices of onions (+7.9%), beets (+3.8%) and cabbage (+3%) rose the most. Only two major agricultural products decreased in prices in 2022: cabbage (-15.2%) and carrots (-0.8%). 

Regionally, inflation has been strongest in Mangystau region and Astana city, where it was 24% and 23% respectively. It is Mangystau region where food prices have grown the most (+31.6%), while in other regions the growth was approximately 25-26%.

In Astana, prices for non-food products have grown the most (+30.5%). At the same time, in other regions the growth was only 18-19%, which probably indicates differences in the quality of data collection. For individual products, the situation in some regions is quite dismal.

In Mangistau and Turkestan regions bread and cereals rose in price by 43%, while in Almaty region growth was only 26%. Fish prices in Pavlodar region (+49%) and granulated sugar in Zhambyl region (+86%) also rose strongly. Confectionery products rose in price the most in Abay region (+40%), and tea rose in price by 33% in Kyzylorda and Ulytau regions.

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