Inflation Dynamics in Kazakstan

In January 1992, Kazakstan initiated a reform program to move toward market-determined prices. The price liberalization process was characterized by large relative price shifts and an increase in the overall price level toward those observed in market economies. The paper shows how the piecemeal manner in which prices were liberalized resulted in strong relative price variability over a prolonged period of time, against a background of high inflation. Convergence toward international relative and absolute price levels has progressed but is not complete, with prices for energy and services in particular still below market economy level.


In January 1992, Kazakstan initiated a reform program to move toward market-determined prices. The price liberalization process was characterized by large relative price shifts and an increase in the overall price level toward those observed in market economies. The paper shows how the piecemeal manner in which prices were liberalized resulted in strong relative price variability over a prolonged period of time, against a background of high inflation. Convergence toward international relative and absolute price levels has progressed but is not complete, with prices for energy and services in particular still below market economy level.

I. Introduction

With the breakdown of the Soviet Union in late 1991, newly independent Kazakstan inherited a still largely administered price system. Soon afterwards, the country initiated a reform program to move towards market-determined prices. The price liberalization was characterized by strong shifts in relative prices and an increase in the overall price level towards levels in market economies, against a background of macroeconomic instability and high inflation. This paper offers a detailed analysis of the price structure and price level dynamics in Kazakstan in the 1991 to mid-1995 period, and highlights the piecemeal manner of the price liberalization and the interaction between stabilization and price reform efforts.1 The paper is organized as follows. After a section which describes the different phases of the stabilization and price liberalization process, a statistical study of both the long-run and short-run dynamics of prices is presented. A price level comparison to Russia and the Kyrgyz Republic concludes the analysis.

II. Background2

The ambitious dismantling of price controls that began in January 1992 in Kazakstan resulted in a large price jump followed by high inflation. (Chart 1). Monthly inflation--which peaked at 55 percent in November 1993, and remained solidly in the double digit range until early 1995--was driven by a number of inter-related factors. In contrast to some of the other transition countries, price liberalization in Kazakstan was conducted in a piecemeal manner in that prices for various goods were freed sequentially rather than all at once. Administered prices were changed frequently and by substantial magnitudes, and the policies governing these changes were often revised. Moreover, failures to maintain tight monetary and credit policies fueled inflation. The sources of inflation in Kazakstan, however, were not only domestic. The Russian ruble was the sole legal tender in Kazakstan until November 1993 when the Kazak tenge was introduced. As a result, Russia’s failures to maintain monetary discipline during the first two years of the transition played a key role in fueling Kazak inflation. With the introduction of the tenge, the National Bank of Kazakstan was ultimately able to implement on a sustained basis tight monetary policies, resulting in a declining rate of monthly inflation since late 1994. A more detailed description of Kazakstan’s route to free prices and relatively low monthly inflation is contained in the following sections.

Chart 1.

Kazakstan: Monthly CPI Inflation, February 1992 - June 19951

(Percent change)

Source: Goskomstat.1 Inflation in January 1992 was measured to be 212 percent.

1. Pre-1991

Before 1991, most prices in the Soviet Union were set according to official price lists. In Kazakstan, the vast majority of prices for consumer goods and services were set administratively, mainly at the Union level. Only such items as wool, shoes, ready-made clothing, and national costumes had prices set at the republic or oblast level. Because adjustments to administered prices were limited and infrequent, retail price inflation remained quite low throughout the 1980s. The retail price index, for example, increased at an average annual rate of only 1.4 percent over the period 1980-90.

With most prices controlled, monetary and inflationary developments were largely disconnected from one another. Monetary policy was conducted at the Union level so as to achieve the quantitative targets of the central plan without regard for inflationary consequences.1 The price controls effectively contained inflationary pressures--which were building up because of the continued monetization of enterprise deficits--but resulted in shortages and rationing, forced saving, and expansion of black market transactions. As illustrated in Section IV, black market prices could be three to four times higher than official prices.

2. Price reforms in the Soviet Union, 1991

As in the other republics of the Soviet Union, price reform in Kazakstan began in early 1991 with partial price liberalizations and sharp increases in administered prices.2 At the retail level, fixed prices were maintained for a majority of consumer goods other than food, which were still mainly set at the Union level, and for most agricultural consumer goods. For other consumer goods, free or regulated prices (prices subject to a maximum profit margin or to an upper limit) were introduced. The partial price liberalization brought about a large discrete increase in retail prices of around 83 percent. Soon after the price reforms were implemented, the growth rate of monetary and credit aggregates started to increase and by the end of 1991, currency in circulation and credit had doubled. With a majority of prices still administratively set, however, and in the absence of further major price adjustments, open inflation remained relatively subdued during the rest of 1991.

3. Price liberalization and tight monetary policy, first half of 1992

Following the break up of the Soviet Union, Kazakstan launched a price liberalization program on January 6, 1992 in which prices for all but a limited list of goods and services were freed. At the producer level, prices for energy products, transportation, and communications remained controlled, although they were increased three - to tenfold. At the retail level, prices of basic food items (bread and flour, dairy products, salt, sugar, vegetable oil, alcoholic beverages),1 energy products, rents, utilities, and passenger transportation remained controlled. With the exception of rents, these prices were increased three- to fivefold; the smallest increases were applied to food products, diesel and gasoline, and utilities, while larger increases affected coal, fuel oil, and gas. About two-thirds of the 110 percent increase in the retail price index in January 1992 can be attributed to this increase in controlled prices.

As these price reforms were introduced, the National Bank of Kazakstan, and the Central Bank of Russia implemented relatively tight monetary policies during the first half of 1992 to limit the inflationary consequences of the price adjustments. In addition, legislation was introduced to ensure that prices set by monopolies did not result in excess profits;2 the minimum wage was increased; and cash benefits for the most vulnerable population groups were increased.

The tight monetary policy kept inflation in check, and by May 1992, monthly inflation at the retail level had declined to less than 15 percent. Throughout this period of disinflation, the price reform process continued. First, administered energy prices were sharply raised--a six- to sevenfold increase for coal, oil, and oil products and an up to twentyfold increase for gas and gas products--to bring them more in line with world market levels.3 Second, prices were further liberalized in a piecemeal fashion: prices for most transportation services other than by railway were freed in March; prices for alcoholic beverages in May; and, finally, prices for dairy products, sugar, salt, vegetable oil, and matches in July 1992. Retail prices remained regulated at the national level for bread, flour and bakery products, baby food, some energy products (including gasoline, diesel fuel, lighting kerosene, and electricity), and some communications and transportation services; while rents and related charges (heating, water, etc.) and local transportation fees were set by regional authorities. In addition, fees for some health care related services were set administratively; these fees were sharply adjusted in September 1992.

4. Inflation rises and price liberalization stalls, second half of 1992

In the second half of 1992, however, the Central Bank of Russia had relaxed monetary and credit policies, and inflation started to pick up. Average monthly inflation increased to more than 25 percent in the September 1992-September 1993 period. Progress in the area of price liberalization stalled with only marginal reductions in the list of price controlled items.1 Administered prices were, however, adjusted in successive rounds, so as to avoid their erosion in real terms in the context of high inflation. Prices for energy products and energy-based services were raised in November 1992 and in January and August 1993, with each time a two- to threefold increase. In both September 1992 and September 1993, bread prices were increased fivefold. Despite these large adjustments, however, by the end of September 1993 regulated prices of most energy products and of bread had not returned to their January 1992 level in real terms.

5. Currency reform turmoil and reintroduction of price controls, 1993

The decision of the Central Bank of Russia to recall all pre-1993 Russian ruble notes circulating in Russia at the end of July 1993 effectively separated the Kazak and Russian currency systems. Kazakstan was left without a national currency. After attempts to establish a new monetary union with Russia failed, Kazakstan introduced its own national currency, the tenge, on November 15, 1993. Inflation accelerated in the months prior to the currency reform, fueled by high rates of credit growth, an influx of ruble notes from other states where pre-July 1993 rubles were still circulating, and speculation in anticipation of a change in currency arrangement.

Accompanying the November 15 currency reform were some adjustments to the remaining administered prices.2 Prices for energy products increased on average twofold, while prices for bread and for utilities were raised up to four times. At the same time, price controls and temporary profit margin regulations were introduced on some additional basic consumer products (dairy products, salt, sugar, vegetable oil, eggs, meat, and laundry soap);1 these additional price controls were lifted in early January 1994.

6. Free prices and low inflation. 1994-95

An initial effort to arrest inflation following the introduction of the tenge failed when the National Bank of Kazakstan provided financing to clear domestic interenterprise arrears in March 1994. The credits enabled enterprises to purchase foreign currency; as a result, the value of the tenge fell sharply. An inflation-exchange rate depreciation cycle ensued, with monthly inflation reaching 46 percent in June 1994.

In the aftermath of this policy failure, however, the National Bank of Kazakstan initiated and sustained relatively tight monetary and credit policies. Interest rates became positive in real terms, and the rate of depreciation of the tenge slowed. A trend decline in inflation soon became apparent, with the monthly increase in the CPI declining from more than 10 percent at the end of 1994, to about 5 percent at the end of the first quarter of 1995, and to less than 3 percent at the end of the second quarter (Chart 1).

During this period of stabilization, and for the first time since mid-1992, new measures to reduce the scope of price controls were also introduced on a gradual basis starting from the second quarter of 1994. After April 1994, prices for crude oil and oil products were set by producers, subject to fixed maximum profit margins.2 These margins were abolished in December 1994, thereby freeing prices completely.3 In addition, administered prices for energy products other than coal and oil and communication and transportation fees were increased in May 1994; prices for bread, bakery products, and flour were first administratively adjusted in July and then fully liberalized in October 1994. By the end of 1994, the only prices administered at the national level were producer prices for electricity, natural gas, and thermal energy; and consumer prices for gas, electricity, and telephone services. These prices, with the exception of gas and electricity prices at the producer level,4 were not adjusted in the October 1994-June 1995 period. Rents, utilities fees (heating, water), and local transportation fares are still set administratively at the regional (oblast) level, with regular adjustments to reflect cost increases. In many instances, however, regional authorities delay adjustments and then increase prices by large and uncoordinated amounts.1

III. Long-Run Trends

The piecemeal nature of Kazakstan’s price liberalization and the frequent adjustments to administered prices have resulted in dramatic and repeated shifts in the structure of relative prices in Kazakstan during the transition to a market economy. Overall, prices of goods initially increased more rapidly than prices of household services such as rent, water, and electricity (Chart 2).2 However, by late 1992, prices of services began to increase more rapidly. This disparity in price increases is starkly apparent across individual goods and services on an annual as well as a cumulative basis over the period of transition.3 For example, during 1990-94 goods prices overall increased by a factor of 5,450 but the price of detergent increased by a factor of 21,155, whereas the price of wool fabrics increased by only a factor of 1,703. Similarly, prices of services increased overall by a factor of 10,815 with the price of laundry services increasing by a factor of 60,631, and the price of savings bank services by only 18.

Chart 2.

Kazakstan: Price Levels, December 1990 - June 1995

(December 1990 = 100; Logarithmic scale)

Source: Goskomstat; and authors’ calculations.

Examining the behavior of administered prices provides additional perspective on how relative prices have shifted during the period of transition. The behavior of two administered prices is illustrated in Chart 3, showing the evolution of the price of bread and household electricity since December 1991.4 Nominal prices have been adjusted by the Kazak government on an infrequent basis but by large amounts, accounting for the observed “saw-tooth” pattern characterizing real price developments. The increase in cost-recovery ratios for household electricity in mid-1994 and the elimination of most subsidies for bread in late 1994 translated into large and permanent upward adjustments in their relative price levels.

Chart 3.

Kazakstan: Nominal and Real Price of Electricity and Bread, December 1991 - June 19951

Source: Goskomstat.1 Overall CPI is used as a deflator.2Price per Kwh, household rate.3In rubles through November 1993. From December 1993, the price in tenge is multiplied by 500 to express it in the same unit.

Although examples of individual commodities provide vivid illustrations of the range of relative price movements, they do not convey a sense of the extent of the overall movement in the price structure. One measure of the overall magnitude of relative price shifts that have occurred since 1991, is the correlation between price structures over time. As free prices adjust to market forces, and other controlled prices are adjusted, the correlation with the pre-transition price structure should diminish over time. Cross-period correlations for a set of 79 food prices from January 1991 to January 1995 are presented in the top panel of Table 1. Relative prices changed steadily over this four-year period, reflecting the piecemeal manner in which prices were liberalized in Kazakstan. In contrast, a similar analysis conducted for Russia indicates that the largest change in relative prices took place in 1992, as a result of the comprehensive price liberalization of January 1992.1

Table 1.

Cross-Correlations of Food Prices: Kazakstan and the United States

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Sources: For Kazakstan, Goskomstat; and authors’ calculations. For the U.S., U.S. Bureau of Labor Statistics, CPI Monthly Detailed Report, various issues; and authors’ calculations.

Based on sample of 79 food prices.

Based on sample of 56 food prices.

To provide some further perspective on the magnitude of the shift in relative prices in Kazakstan, cross-period correlations for a set of similar U.S. food prices over the period 1990-94 are also presented in the bottom panel of Table 1. For the United States, the correlation in relative price structure remained at 0.99, suggesting that relative prices in a market economy remain relatively constant, and thereby underscores the extent to which relative prices have shifted in Kazakstan.

It should be noted that these cross-period correlations, as a measure of the shift in relative prices, suffer from two shortcomings. First, the sample includes only food items which behaved relatively differently over time than did non-food goods, particularly services. Second, the sample is small and unweighted and therefore might produce misleading results.

IV. The Dynamics of Open Inflation

As prices move toward their equilibrium levels, price increases across goods, sectors, regions, and outlet channels are likely to become more synchronized. The massive shifts in relative prices are no longer necessary and, instead, prices tend to rise in accordance with overall inflation. In this section, an analysis of disaggregated data on the consumer price index, producer price index, and across regions demonstrates that prices in Kazakstan are, indeed, becoming more synchronized.

1. Consumer price inflation

An alternative way of measuring the changes in relative prices is to examine the behavior of relative price variability and its relationship to the overall rate of inflation. From a theoretical perspective, the relationship between these two variables could be positive, negative, or unstable. Empirical evidence from a number of industrialized, developing, and transition countries has provided conflicting results.2 Relative price variability can be described as a weighted variance of inflation rates:




where and ωi and πi denote the weight and monthly percent change in price associated with item i.

Chart 4 shows this measure of relative consumer price variability for food (Vfood), nonfood goods (Vnonfood) and paid services (Vservices).1 The inflation rates shown are weighted averages of the inflation rates of the individual goods in each of these three categories. Several lessons can be drawn from this chart. First, with the exceptions of August and December 1993,2 relative price variability for food is consistently higher--on average about 40 times higher--than for nonfood goods. This result was also found for Russia, France, and the United States, and perhaps reflects the extent to which seasonal factors are more important for food prices.3

Chart 4.

Kazakstan: Relative Price Variability and Inflation for Food, Non-Food Goods, and Paid Services. January 1993 - June 19951

Source: Goskomstat; and authors’ calculations.1 Monthly inflation rates in percent.

Second, relative price variability for services is also consistently higher than for nonfood goods. The sharp spikes in Vservices are typically related to substantial adjustments in administered services prices, and provide indirect evidence of movements in prices towards cost recovery. For example, about 90 percent of the relative price variability of services in January 1993 is attributable to the 452 percent increase in rental prices for housing occurring that month. Similarly, about three-fourths of the increase of Vservices in May 1994 is attributable to the 478 percent increase in water prices. A similar measure of relative price variability for the United States was constructed to provide a basis for comparison.1 Even by 1995 when the level of Vservices in Kazakstan had fallen significantly, it was still at least 80 times greater than the level in the United States. In the United States, the level of Vservices is much smaller than Vfood and Vnonfood, whereas in Kazakstan, Vservices is consistently higher than Vnonfood, and frequently higher than Vfood.

Third, by early 1995, Vfood and Vnonfood had dropped considerably, suggesting that many of these prices may have moved closer to “equilibrium” levels, and that the massive shifts in relative prices were over. In contrast, Vservices remains much higher, reflecting the shifts in services prices that are still occurring as prices for various public utilities are brought up to levels which are consistent with cost recovery.

Fourth, there is a strong positive relationship between inflation and relative price variability, as confirmed in the regressions contained in Table 2.2 Adding a change in inflation variable to the independent variables does not contribute significantly to explaining relative price variability.

Table 2.

Kazakstan: Consumer Price Inflation and Relative Price Variability, Regression Results, January 1993-June 1995

(t-statistics in parentheses)

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Log of the variable as defined in equation (1).

De Masi and Koen (1995) constructed similar measures of relative price variability for Russia, France, and the United States, and found that relative price variability in Russia during 1993 was more than 20 times larger on average than in France and the United States. A comparison between Russia and Kazakstan reveals some interesting insights (Table 3). Vfood in Kazakstan is consistently higher than in Russia; on average Vfood in Kazakstan is about 15 times higher than in Russia. In contrast, Vnonfood in Kazakstan is higher in 8 of the 12 comparable months of data by an average factor of about 10, and smaller in 4 months by an average factor of about 0.4.

Table 3.

Relative Price Variability: Kazakstan Compared to Russia, 19931

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Sources: De Masi and Koen (1995); and authors’ calculations.

Calculated as the level of relative price variability for Kazakstan divided by the level for Russia.

Higher relative price variability in Kazakstan probably reflects the way in which price liberalization was carried out. In Russia, the January 1992 price liberalization was comprehensive, whereas in Kazakstan it was conducted on a piecemeal basis. It is not surprising that gradual liberalization would result in higher levels of relative price variability. As discussed above, relative price variability for both Russia and Kazakstan is positively correlated with inflation.

2. Producer price inflation

Relative producer prices have also shifted considerably during the transition. Therefore, questions of whether the frequency of producer price adjustments have increased or if price increases have become more synchronized are particularly relevant.1 Disaggregated producer price data for 76 sectors were used to construct a measure of relative producer price variability (VProd) and producer price inflation over the period January 1991 to June 1995 (Chart 5).2

Chart 5.

Kazakstan: Relative Producer Price Variability and Inflation, January 1991 - June 19951

Source: Goskomstat; and authors’ calculations.1 Monthly inflation rates in percent.

Early in the transition, and particularly at the beginning of 1992, Vprod exhibited considerable volatility reflecting significant shifts in enterprise pricing during the first round of price liberalization. Even so, enormous price increases in particular industries accounted in some cases for a large proportion of the VProd spikes. For example, in January 1992, 45 percent of price variability is accounted for by the 5,697 percent increase in the price of asbestos; in February 1992, 90 percent is accounted for by a 1,525 percent increase in the price of ferrous metals. However, by mid-1994, apparently a regime change occurred with inflation declining quite steadily to low levels, and also VProd dropping off sharply. Over time and in a low inflation environment, price adjustments become more synchronized as prices move toward “equilibrium” levels. Vprod is also highly positively correlated with overall inflation, as is clear from Chart 5 and confirmed by regression results similar to those reported in Table 2.

3. Regional inflation

Further evidence of shifts in relative prices can be found by examining the dispersion of prices across regions. As price liberalization proceeds, local subsidies or other local price controls that differed substantially across regions under central planning are likely to diminish over time. Based on disaggregated inflation data for 20 regions in Kazakstan, the average coefficients of variation were computed for food, nonfood goods, and paid services (Chart 6).1 For all three categories, the average coefficients of variation tend to fall over time, indicating a convergence of regional inflation rates as local price controls and subsidies are abolished. The regional price dispersion for paid services has been consistently above that for food and nonfood goods, most likely reflecting local subsidization. Paid services have also exhibited the sharpest decrease in regional price dispersion.

Chart 6.

Kazakstan: Coefficient of Variation of Regional Consumer Price Inflation Rates, January 1993 - June 19951

(In percent)

Source: Goakomatat.1 Coefficient of varation based on data from 20 regions in Kazakstan: Akmolinskaya, Aktuibinskaya, Almatinakaya, Atyrayskaya, Bast-Kazakstan, Zhambilskaya, Zhezkazghanskaya, West-Kazakstan, Karagandinskaya, Kzyi-Ordinsdaya, Kokchetavskaya, Kustanayakaya, Manghitauskaya, Pavlodarakaya, North-Kazakstan, Semipalatinskaya, Talkykorgansdaya, Turgayskaya, South-Kazakstan, and Almaty-city.

More detailed evidence on regional differences in prices for essential services is contained in Table 4. Based on this more limited sample of regions, price increases for rents and utilities tend to be nonsynchronous across regions. In contrast, other utility prices such as electricity and telephone service are set centrally. Overall, since early 1994, the share of housing services in household budgets has increased, corresponding to a much more rapid growth in rents and utilities prices.

Table 4.

Kazakstaa: Rents and utilities prices in percent of the level in Almaty 1/

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Sources: Goskomstat; and authors’ calculations.

Based on rates for a three-room appartment of 64 square meters for a family of four.

National average wage.

4. Official versus market prices

An alternative way to measure price convergence is to examine the evolution of the margin between market prices and prices in state retail outlets. As price liberalization proceeds, this margin is expected to disappear. Based upon a limited sample of commodities taken at the end of 1990, black market prices for food items were on average three times higher than the official prices, while nonfood products could be four times more expensive (Table 5). From 1992, Goskomstat data on a basket of 8 staples (beef, vegetable oil, milk, eggs, potatoes, fresh cabbage, onions, and carrots) indicate that market prices were still 30-40 percent higher than state outlet prices during the period January 1992 to mid-1993. The temporary reintroduction of price controls at the time of the currency reform in November 1993 raised the margin to more than 160 percent by the end of the month. By the end of December 1993, the price difference had dropped to less than 80 percent, and, following the removal of the temporary controls, by April 1994 it had returned to its pre-currency reform level of around 20 percent. By Summer 1994, the market premium had virtually disappeared, and prices in state outlets and in the market have remained more or less in line from then on.

Table 5.

Kazakstan: Ratio of Black Market to State Outlet Prices, December 1990

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Source: Goskomstat, Report on the Socio-Economic Situation in Kazakstan in 1990.

V. Price Level Comparison to Russia and the Kyrgyz Republic

A final issue we consider is the extent to which prices in Kazakstan have converged to levels observed in Russia and in the neighboring Kyrgyz Republic. Table 6 shows the prices in Almaty, the capital of Kazakstan, of a basket of food and nonfood goods and that of its food component alone as a percentage of the price of the same assortment in Moscow and in Bishkek, the capitals of Russia and the Kyrgyz Republic, respectively. It appears that in March 1992, shortly after the liberalization measures of early 1992, prices in Almaty and in Bishkek were virtually the same, and well below those recorded in Moscow. This discrepancy presumably reflected a lag in the removal of price subsidies and the traditional higher price level in the capital of the former USSR. Subsequently, and with the exception of April 1994, the price level has been higher in Almaty than in Bishkek and lower than in Moscow. The gap with respect to Moscow, however, became narrower during 1994 and 1995.1

Table 6.

Comparison of Goods Prices in Almaty, Moscow, and Bishkek

(Almaty price in percent of price in Moscow or Bishkek)

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Based upon an alternative basket of 19 staples analyzed in De Masi and Koen (1995), by end-1994, the price of the basket in Kazakstan stood at around the level on average across Russian cities and at about 30 percent of the U.S. level.

VI. Conclusions

The analysis of price movements in Kazakstan during the transition process has illustrated how the country’s relative prices and overall price level have moved closer to those in market economies, while price variability and regional price dispersion have diminished. Three characteristics of the price liberalization and convergence process in Kazakstan can be highlighted.

First, the decontrol of prices has been piecemeal, with an initial period of rapid progress followed by phases of stagnation and even reversal. The last series of price liberalization measures was taken nearly three years after the major January 1992 price decontrol. The piecemeal manner in which prices were liberalized in Kazakstan is reflected in a steady change of relative prices and a high level of relative price variability over a prolonged period of time.

Second, price liberalization and convergence and macroeconomic stabilization were inter-related, as illustrated by four key episodes. Price reform stalled when more expansionary fiscal and monetary policies were adopted from the second half of 1992 on. A partial rollback of price decontrols was among the measures introduced to stabilize the new currency after its introduction in late 1993. The convergence of Kazak prices towards market-determined levels was reversed when the exchange rate sharply depreciated in early 1994 following a credit expansion to clear interenterprise arrears. Finally, price reform resumed against the background of tighter monetary policies and a downwards trend in inflation from the Spring of 1994 on.

Third, the process of price liberalization and convergence is not yet completed. Prices of energy products and of many, mainly energy-based, services in Kazakstan are still below the levels in industrialized market economies, notwithstanding sharp increases in relative domestic terms. The relative price of services will continue to increase substantially in the coming years. As prices of services are adjusted at the regional level in a non-synchronized manner, regional price dispersion for services will remain high. More generally, the domestic overall price level in Kazakstan is still below the level prevailing in industrialized countries.


Table A1.

Kazakstan: Price Levels, December 1990 - June 1995

(December 1999=10)

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Sources: Goskomstat and authors’ calculations.
Table A2.

Kazakstan: Inflation Rates for Goods and Services, 1991–94 1/

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Table A3.

Kazakstan: Changes in Average Prices for Selected Goods and Services, January 1993 – June 1995

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Sources: Goskomstat.
Table A4.

Kazakstan: Monthly Producer Price Inflation in Industry, 1989–1995

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Sources: Goskomstat.
Table A5.

Kazakstan: Regional CPI Inflation Rates, January 1993 – June 1995

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Sources: Goskomstat.