DEC. 31 2013 (The Conway Bulletin) — Overall inflation in Kazakhstan in 2013 slowed to 4.8% compared to 6% in 2012, the national statistics agency said. This is below the Central Bank’s forecast of between 6-8%. In 2012, the Kazakh Central Bank cut its key interest rate to a historic low of 5.5% to try and bolster falling prices.
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(News report from Issue No. 166, published on Jan. 8 2014)
DEC. 3 2013 (The Conway Bulletin) — Azerbaijan’s government increased the price of petrol by about a third, its first increase in seven years, media reported. It’s too early to say what impact the price rises will have on communities as they will come into force on Jan. 1 2014, but local media has already reported several small scale protests.
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(News report from Issue No. 163, published on Dec. 4 2013)
NOV. 19 2013 (The Conway Bulletin) — Kazakhstan’s agriculture minister Asylzhan Mamytbekov said he is not going to intervene to stop bread price rising. Higher utility bills and problems with getting loafs to market have increased bread prices in recent months in southern Kazakhstan. Bread price rises are a potential source of social discontent.
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(News report from Issue No. 161, published on Nov. 20 2013)
NOV. 12 2013 (The Conway Bulletin) — The EBRD raised its GDP growth outlook for Uzbekistan this year to 7.7% from 7.5%, media reported. Inflation, though, it said, would grow at 11% in 2013, one of the quickest rates in the region. Uzbekistan is cagey about releasing economic data.
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(News report from Issue No. 160, published on Nov. 13 2013)
NOV. 12 2013 (The Conway Bulletin) — Armenia’s Central Bank lowered its interest rate to 8% from 8.5% after data showed that inflation had dropped. Annualised inflation dropped to 7.1% in October from 8.2% in September, still well above the Central Bank’s target range between 2.5% and 5.5%.
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(News report from Issue No. 160, published on Nov. 13 2013)
OCT. 24 2013 (The Conway Bulletin) — Kazakhstan increased its state-imposed cap on fuel prices by 7 tenge to 117 tenge ($0.76) per litre of 92-octane petrol. Prices for the lower grade 80-octane petrol and diesel were left unchanged.
The closure of the refinery in Shymkent for scheduled repairs has triggered localised fuel shortages in the weeks prior to the price hike, scheduled for November.
In Southern Kazakhstan fuel was sold only through coupons and in limited quantities. Lines of cars queued at petrol stations that quickly ran out of 92-octane fuel and supplied only the 80-octane version.
Fuel price rises hurt consumers and tension is brewing in Kazakhstan.
According to the Kazakhstan Fuel Association (KFA), a fuel industry lobby group, routine repairs at the Shymkent refinery caused the shortage. It is only one of three refineries in Kazakhstan.
The government has instead blamed a general global increase in oil for the rise on the petrol price cap.
Ordinary drivers are even more frustrated. They blame owners of petrol stations for holding back supplies until the fuel price cap had been raised.
They’ve also had to stomach a higher price increase than originally flagged up.
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(News report from Issue No. 158, published on Oct. 30 2013)
OCT. 2 2013 (The Conway Bulletin) — Kazakhstan plans to triple excise duty on cigarettes and alcohol over the next three years, media quoted economy minister Yerbolat Dossayev as saying. Currently a carton of 1,000 cigarettes carries a duty of 1,550 tenge ($10). This could rise to 5,000 tenge by 2016, Mr Dossayev said.
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(News report from Issue No. 155, published on Oct. 9 2013)
SEPT. 25 2013 (The Conway Bulletin) — Inflation in Armenia continued to climb in August, bucking the Central Bank’s forecast. Media reported that in August prices were 9.3% higher than the same time last year. In July annualised inflation had been 8.5%. This is double the Central Bank’s target. It has increased interest rates to 8.5% this year.
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(News report from Issue No. 154, published on Oct. 2 2013)
SEPT. 25 2013 (The Conway Bulletin) — The price of a loaf of bread in Uzbekistan has risen by nearly 10% to 600 sum ($0.3), media reported. Reports said that an increase in utility tariffs across Uzbekistan had forced bread prices to rise. Bread prices also rose by 10% in September last year.
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(News report from Issue No. 154, published on Oct. 2 2013)
SEPT. 25 2013 (The Conway Bulletin) — Uzbekistan’s finance ministry has approved an increase in electricity and gas prices, media reported. Reports quoted state-run Uzbekenergo saying electricity prices will rise by 6.95% from Oct. 1. Uzbekneftagaz said gas prices would rise by 8.5%. Utility prices have steadily increased in Uzbekistan, upsetting ordinary people.
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(News report from Issue No. 154, published on Oct. 2 2013)