Tokayev: 'Inflation has reached historic highs in Kazakhstan'

Inflation has reached historic highs In Kazakhstan over the past 14 years, amounting to 19.6%, President Kassym-Jomart Tokayev said at an expanded government meeting, Report informs via Kazakhstani media.

“Over the first 11 months of 2022, economic growth slowed from 4.6% to 2.7%. Inflation reached historic highs over the past 14 years, amounting to 19.6%. Of course, this situation has the most negative impact on the standard of living and incomes of the population,” Tokayev said.

The main factors behind the increase in inflation were the increase in geopolitical tensions, record price increases in the world, the disruption of logistics links and the introduction of temporary restrictions on the exports of certain goods to neighboring countries.

“The Government of Kazakhstan is currently implementing a set of measures to control and reduce inflation. As part of this work, measures are envisaged to increase the share of domestic goods in the internal market, develop mechanisms for storing and transporting products, and support retail trade,” Prime Minister Alikhan Smailov said.