ASTANA, Kazakhstan, October 6. Inflation in Kazakhstan is expected to drop from 20.3 percent in 2022 to 11.6 percent as of 2023, Trend reports via the World Bank.
The inflation rate is set to continue to slow to 10.2 percent and 6.8 percent in 2024 and 2025, respectively, according to the latest report released by the Bank.
The WB estimates that inflation in the country stood at 7.5 percent in 2020 before rising to 8.5 percent in 2021.
"Inflation is projected to gradually decline to the target range by the end of 2025 due to monetary policy effects and easing external pressures," said the bank.
As the WB noted, stubborn inflation may lead the authorities to sustain higher volumes of targeted support, increasing fiscal costs.
Inflation in the Republic of Kazakhstan slowed down over the year and amounted to 11.8 percent in September 2023 (in August 2023, 13.1 percent), over the month, 0.6 percent (previous month, 0.7 percent).
Prices for food products over the year increased by 11.4 percent (in August 2023, 12.4 percent), for non-food products, by 12.1 percent (in August 2023, 13.5 percent), and for paid services, by 11.9 percent (in August 2023, 13.9 percent).