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Food price growth

16.09.2020

Since the beginning of the year, prices for socially important food products have increased by 4.4%. This was announced by the Minister of Trade and Integration Bakhyt Sultanov.

From March to September of this year, the government reduced the value-added tax rate from 12% to 8% on imports and sales of socially important food products to prevent price increases.

Since May of this year, the growth of food prices has slowed. In particular, prices increased by 0.1% in May, did not increase in June and July, and decreased by 1% in August.

"According to our assessment, the growth of prices for socially important food products will stabilize and will not exceed 6% by the end of the year", Sultanov said at the government meeting on Tuesday, September 15.

In order to prevent price increases in the future, Akimats are replenishing stabilization funds, which currently contain 27.7 thousand tons of food. They also signed forward contracts for the supply of another 21.6 thousand tons. Local budgets allocated KZT 14.2 billion for the "reverse scheme" with the obligation to curb prices for socially important goods.

 


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