Kazakhstan's inflation rate continues to slow down - EDB

Kazakhstan Materials 5 June 2023 13:04 (UTC +04:00)
Asmar Bayramova
Asmar Bayramova
Read more

BAKU, Azerbaijan, June 5. Kazakhstan's inflation rate showed further signs of deceleration in May, recording a year-on-year figure of 15.9 percent, compared to 16.8 percent in the previous month, Trend reports.

The Eurasian Development Bank said the country has surpassed the peak of price growth, signaling a slowing inflationary trend. Moreover, the bank predicts a more significant reduction in inflation at the end of 2023 as the effects of the migration shock from last autumn gradually dissipate.

Meanwhile, the EDB forecasts a deceleration in consumer price growth, projecting a rate of 7.9 percent by the end of the current year, 5.5 percent in 2024 and 4.1 percent in 2025.

In April, the inflation rate in Kazakhstan slowed down from 18.1 percent in the previous month to 16.8 percent.

As the bank noted, this is partly due to the ease in the pressure from the external sector: the FAO Food Price Index index has been declining for the thirteenth month in a row, and the drop in the cost of shipping indicates that the functioning of global supply chains is returning to normal.