Inflation in February 2021

The growth rate of prices in February of this year slightly increased to 0.7% mom from 0.6% mom in January, but remained below the values ​​of November-December 2020 at 0.9% mom. The rise in prices for food products in foreign markets and problems on the supply side in certain segments are still holding back price stabilization. In annual terms, the price index remained at the level of 7.4%. A positive moment for domestic prices is the tenge strengthening tendency, which has been observed for 4 months in a row. We maintain our forecast of inflation slowdown to 6.5% yoy in 2021.