BAKU, Azerbaijan, May 31. Peak of inflation in Kazakhstan will reach in the second half of 2022, Trend reports citing the macroeconomic forecast of Eurasian Development Bank (EDB).
According to EDB analysts, inflation in Kazakhstan will average 13.2 percent at the end of 2022, and the peak of this indicator (13.5 percent) will fall on the second half of the year.
"The main pro-inflationary factors are: changes in exchange rate of national currency (tenge), an increase in world prices for raw materials and food, rising of inflation in Russia, which is a trading partner of Kazakhstan, and deterioration in global supply chains," EDB said.
"An increase in base rate, also regulatory measures, will help curb inflationary pressure, including the imposed moratorium on increasing gas prices until January 1, 2024," EDB’s forecast noted.
"Regulatory measures on raising tariffs for housing and communal services until July 1, 2022 will also help curb inflationary pressure," bank added.
The EDB noted that weakening consumer demand will limit inflation.
"Inflation is expected to slow down to 5.8 percent at the end of 2023. This will be helped by easing pressure from the foreign exchange market, moderately restrictive monetary conditions and lower import prices due to falling commodity prices in world markets and slowing inflation in Russia," the bank said.
"We should expect a halt in the growth of producer costs, in the development of commodity and logistics chains, which will help stabilize the dynamics of the producer price index," the bank said.