Kazakhstan Potato Prices Soar: Minister Explains the Economic Factors

Potato Prices Rise in Kazakhstan: Minister Explains Economic Factors and Government Response Kazakhstan is facing rising potato prices, a concern for citizens across the country. Deputy Prime Minister and Minister of National Economy, Serik Zhumangarin, recently addressed this issue, offering insights into the economic forces at play. The minister's explanation focused on the principles of supply and demand, stating that, "In a market economy, there's no concept of price fairness." He noted that while Kazakhstan had substantial potato reserves last year, farmers needed to make a profit, leading to price adjustments. To stabilize the market, the government has implemented export restrictions. However, Zhumangarin clarified that price controls were avoided, as they are considered non-market instruments. He emphasized that there is no potato shortage, but acknowledged current prices range from 400 to 600 tenge per kilogram. The arrival of new potatoes is expected to ease the price pressure, with early indications suggesting prices around 200-300 tenge per kilogram. The minister's comments offer a balanced perspective on the situation, highlighting the interplay between market forces and government intervention in addressing this economic challenge.