ASTANA, Kazakhstan, March 9. Inflation in Kazakhstan will continue to slow down; the prerequisites and trajectory of forecast dynamics have not undergone significant changes, Trend reports.
According to the report of the National Bank of Kazakhstan (NBK) on monetary policy for 2024-2026, in the first quarter of 2024, high dynamics of monthly food inflation are expected due to the seasonal increase in prices for fruits and vegetables.
At the same time, in the coming months, food inflation will be largely subject to the disinflationary influence of lower producer prices in agriculture and world food prices. As the NBK noted, inflation in 2024 will be 7.5–9.5 percent.
In addition, in 2025–2026, annual inflation will continue to decline, although at a slower pace. The NBK noted that moderately tight monetary conditions, a decrease in inflation expectations, a return of inflation in countries that are Kazakhstan’s trading partners to their target values, and a general downward trend in food prices around the world will help reduce inflation in Kazakhstan.
"As a result, inflation by the end of 2025 will be in the range of 5.5-7.5 percent, with a decrease by the end of 2026 to 5-6 percent," the NBK said.
Furthermore, inflation in Kazakhstan slowed down over the year and amounted to 9.8 percent in December 2023 (in November, 10.3 percent).
Prices for food products over the year increased by 8.5 percent (in November 2023, 9.2 percent), for non-food products, by 9.1 percent (in November 2023, 9.9 percent), and for paid services, by 12.4 percent (in November 2023, 12 percent).
In monthly terms, inflation decreased slightly and amounted to 0.8 percent (previous month: 1 percent).