ASTANA, Kazakhstan, September 18. The Eurasian Development Bank forecasts that inflation in Kazakhstan will slow to 7.9 percent at the end of 2023, Trend reports.
The forecast remained without significant changes.
Bank analysts believe that the effect of the planned increase in tariffs for housing and communal services for the summer will be offset by external factors. Downward dynamics will be facilitated by a decline in world prices in commodity markets.
As the bank noted, additional downward pressure will come from the strengthening of the tenge against the dollar, maintaining the base rate at 16.75 percent at the end of 2022, and government measures aimed at curbing inflation.
Bank analysts also expect inflation to slow to 4.1 percent at the end of 2025. As the bank noted, this will be facilitated by both the attenuation of shocks associated with disruptions in supply chains, coupled with the normalization of the operation of commodity and logistics routes, and the stabilization of inflation expectations. Monetary policy measures will be aimed at bringing inflation to the medium-term target of 3–4 percent.
The inflation rate in Kazakhstan recorded a slight increase in August 2023, standing at 0.7 percent compared to 0.6 percent in July.
On an annual basis, inflation in August 2023 decreased to 13.1 percent. The yearly comparison shows that food prices increased by 12.4 percent, non-food goods by 13.5 percent, and paid services by 13.9 percent.