Kazakhstan "imports" inflation from European Union and Russia - National Bank

Date: 10:10, 27-10-2021.

Almaty. October 27. KazTAG - Kazakhstan partially "imports" inflation from trading partner states, the National Bank of Kazakhstan commented on the increase of the base rate to 9.75%.
In eight months of 2021, imports of consumer goods increased by 23.9% compared to 2020 and amounted to $ 7.7 billion.  Non-food consumer goods grew by 29.8%. Kazakhstan is an open economy and does not produce many consumer goods domestically, they are imported from abroad. Accordingly, the rise in prices abroad for these goods will significantly affect the domestic Kazakhstani prices, said the bank.
The economy and inflation in Kazakhstan depend on external economic factors, which is associated with a high foreign trade turnover - about 50% of GDP.

Photo source: picture from an open source

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