Kazakhstan: Inflation increases to the highest level since August 2008 in November
Inflation rose to 19.6% in November, below Octobers 18.8%, the 11th straight month of increase. November’s result marked the highest inflation rate since August 2008. Looking at the details of the release, the acceleration was broad-based as prices for food, transport and housing rose at a faster pace in November.
Annual average inflation ticked up to 14.0% in November (October: 13.1%). Lastly, consumer prices increased by 1.40% over the previous month, a slight drop from October’s 1.60% increase.
Commenting on the outlook, economists at the EIU, said:
“[W]e expect the annual rate [of inflation] to remain roughly unchanged in December before gradually reducing later in the year. On December 12th the prime minister, Alikhan Smailov, announced a set of measures to tackle inflation, including provisions to boost the retail sector. We do not expect this to immediately stem the record-high inflation.”