ASTANA, Kazakhstan, December 4. The Dutch ING (Internationale Nederlanden Groep) has updated its inflation forecasts in Kazakhstan for the coming years, Trend reports.
Thus, according to the ING prediction, inflation in Kazakhstan would be 10.4 percent in the fourth quarter of 2023. Inflation is anticipated to be 14.8 percent for the entire year of 2023.
At the same time, ING analysts forecast Kazakhstan's inflation will steadily fall in 2024. Thus, inflation will be 9.2 percent in the first quarter of 2024, 8.7 percent in the second quarter, and 8.4 percent at the end of 2024.
Furthermore, according to ING predictions, inflation in Kazakhstan will continue to fall in 2025, reaching 6.6 percent at the end of the year.
In Kazakhstan, inflation has declined during the year, reaching 10.3 percent in November 2023 (from 10.8 percent in October).
Over the year, food prices climbed by 9.2 percent (in October 2023, they increased by 10.4 percent), non-food prices increased by 9.9 percent (in October 2023, they increased by 11.1 percent), and paid services prices increased by 12 percent (in October 2023, they increased by 11 percent).
Inflation rose significantly month on month to 1 percent (0.7 percent the prior month). Paid services climbed by 1.7 percent, food products increased by 0.7 percent, and non-food products increased by 0.5 percent.
The Pavlodar region had the greatest monthly inflation - 1.6 percent (0.6 percentage points higher than the republican average), while Zhetisu and Akmola had the lowest - 0.6 percent apiece.