Socially important food prices decline in Kazakhstan

Socially important food prices in Kazakhstan are growing five times more slowly. According to the Ministry of Trade and Integration, since the beginning of the year, the prices of essential food items have increased by just 1.4 percent, compared to 7.9 percent over the same period last year. Moreover, prices have shown an average decrease of 0.2 percent since the beginning of August.

This shift has been primarily driven by the mass harvest of seasonal vegetables, which has helped restrain overall inflation and balance out price increases for certain goods. As a result, food inflation dropped from 13.5 percent in December to 10.1 percent by the end of July.

Comprehensive stabilization measures are being implemented under the instructions of Deputy Prime Minister Serik Zhumangarin. These efforts include analyzing retail markets, examining supply chains and lease agreements, and eliminating excess intermediaries. Additionally, preferential railway tariffs have been introduced to lower transportation costs, and electricity rates for manufacturers have been reduced by 20 percent. Furthermore, the operational mechanism of the stabilization fund has been revised to prioritize tangible impacts on price control rather than simple budget disbursement.