ASTANA, Kazakhstan, September 20. The Asian Development Bank (ADB) forecasts that inflation in Kazakhstan will be 12.7 percent this year and 7.6 percent next year, up from April forecasts of 11.8 percent and 6.4 percent, respectively, Trend reports.
ADB explains that tightening trade and investment sanctions against Russia, an important trading partner of Kazakhstan, pose downside risks to the outlook.
"Economic activity in Central Asia and the Caucasus remained strong in the first half of 2023, driven by domestic demand, although growth slowed in all countries except Kazakhstan and Tajikistan compared with the first half of 2022," the bank said.
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.
