Government plans to reduce inflation to 5% by 2026 — Alikhan Smailov

During a briefing for the media after the Senate meeting, the Prime Minister of the Republic of Kazakhstan Alikhan Smailov spoke about the fulfillment of the Head of State's instruction to halve inflation in the country. 

The Prime Minister noted that annual inflation, having reached its peak in February, decreased to 10.8% by the end of October.

"To date, we already see a two-fold reduction. We forecast that by the end of the year the annual inflation rate will be below 10%. This shows that the relevant set of measures implemented by the Government and the National Bank is yielding results," Alikhan Smailov said. 

Thus, the activity of stabilization funds has been reformatted. Funding is directed to agricultural producers as a priority, which allows to support domestic production, develop this sector of the economy and stabilize prices in the market. In addition, commodity interventions are implemented to stabilize prices during the off-season.

Along with this, control activities of regional commissions have been organized. In general, about a thousand unproductive intermediaries have been identified.

Agricultural fairs are organized weekly in all regions of the country to provide the population with cheaper foodstuffs. In order to level the rise in prices for flour and social bread, measures are being taken to supply cheapened grain to the regions from the reserves of "Prodkorporatsiya".

Prime Minister emphasized that the work to reduce inflation by another 2 times in the medium term, i.e. to 5% in 2026, would be continued.

#Alikhan Smailov #The Prime Minister of the Republic of Kazakhstan #Briefing #Inflation

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