EDB projects Kazakh inflation to subside

Kazakhstan Materials 10 February 2023 09:53 (UTC +04:00)
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, February 10. Eurasian Development Bank (EBD) forecasts inflation in Kazakhstan to decrease to 7.8 percent by the end of 2023, Trend reports, citing the monthly economic review of EDB.

Currently, the annual inflation rate is 20.7 percent.

The key contribution to the annual growth in consumer prices was made by the increasing food prices. The growth accounted for 25.3 percent year-over-year.

The 19.4 percent of non-food product price increase is attributed to the growth of import prices.
Meanwhile, the level of inflation for paid services reached 14.1 percent.

The bank revealed that inflationary pressure is beginning to subside, as evidenced by the dynamic of the FAO Index, which is declining for nine consecutive months. The FAO index reflects the monthly movement of international prices for a basket of food commodities.

The Eurasian Development Bank is an international financial institution established to promote economic growth in its member states, extend trade and economic ties among them, and support integration in Eurasia through investment.