National Bank reveals forecast for inflation in Kazakhstan

By Trend

Inflation in Kazakhstan reached 17.7 percent in annual terms, Chairman of National Bank of Kazakhstan (NBK) Galymzhan Pirmatov said during the plenary meeting of Kazakh Parliament on the issue 'On republican budget for 2023-2025', Trend reports.

According to him, amid the global trend of rising prices for food and raw materials, reinforced by imbalances in domestic markets and changes in logistics and production chains, inflation has also increased in Kazakhstan.

"Inflation reached 17.7 percent in annual terms. The largest contribution continues to be made by the growth in food prices, which reached 22.2 percent in annual terms. Non-food inflation also accelerated to 17 percent due to the continuing rise in the cost of imported goods and supported by demand for them. The inflation of paid services reached 12.3 percent," Pirmatov said.

According to him, inflation will exceed the August forecast by the end of 2022, taking into account the external shocks of September this year.

"The inflation will gradually slow down to 7.5-9.5 percent amid the ongoing monetary policy in 2023. Inflation will also be constrained by slower growth in food prices in the world, slower inflation in trading partner countries," Pirmatov said.