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In January 2024, the consumer price index in Kazakhstan remained at the level of December 2023 and amounted to .8%. According to data provided by the Bureau of National Statistics, prices for food products increased by 1.1%, paid services - by .7%, and non-food products - by .5%.
However, some goods have fallen in price. Thus, prices for sunflower oil decreased by 1.7%, and for sugar - by 1.4%.
If we consider inflation in January 2024 on an annualized basis, it was 9.5%. Prices for food products increased by 8.2%, for non-food products - by 8.6%, and for paid services - by 12.3%.
Comparing the data with January 2023, it can be noted that prices for sunflower oil decreased by 19.8%, and for granulated sugar - by 15.5%.
Over the past year, there has been a decline in prices for sunflower oil in Kazakhstan. According to the latest data, the cost of these products fell by almost 20%. This is good news for consumers who can now enjoy quality oil at a more affordable price.
The decline in prices for sunflower oil in Kazakhstan is a consequence of several factors. Firstly, the sunflower harvest in the country was very successful, which led to an increase in supply on the market. Manufacturers of a large number of ingredients are lowering prices to attract more buyers.
Secondly, world prices for sunflower oil have also decreased. This is due to the transfer of production to other countries and the transition to the market. Kazakh producers have adapted to this situation and lowered their prices to remain competitive.
Reducing prices for sunflower oil has a positive effect on consumers. This product is part of Kazakhstani cuisine and is widely used in preparing various dishes. The more affordable price allows middle-class families to buy more oil and use it in their daily lives.
In addition, lower sunflower oil prices may have a positive effect on exports. Kazakhstan is one of the world's largest producers of solar oil, and lower prices could attract new buyers from other countries. This can help develop the export sector and increase the country's income.
In general, the decline in prices for sunflower oil in Kazakhstan by 20% per year is a positive trend for consumers and producers. This allows families to save on purchasing products and can contribute to the development of exports.
