ASTANA, Kazakhstan, April 11. The Asian Development Bank has published forecasts for inflation in Kazakhstan for 2024 and 2025, Trend reports.
As the forecast reads, the inflation in Kazakhstan in 2024 will be 8.7 percent. This corresponds to the last forecast, which was published in December 2023.
At the same time, the ADB forecasts 6.3 percent inflation in 2025, assuming relatively restrictive monetary policy and ongoing exchange rate stability. The government's control over energy costs will keep inflation for other products at 6.7 percent in 2024 and 6.0 percent in 2025. Rates for services are expected to become the primary driver of inflation, rising by 9.8 percent in 2024 and 8.1 percent in 2025 due to government-announced increases in utility rates.
"The central bank will gradually relax monetary policy and lower the policy rate in line with declining inflation and inflationary expectations. Nevertheless, utility price increases and continued strong domestic demand will keep inflation above the central bank’s 5 percent inflation target," ADB said.
Furthermore, inflation in Kazakhstan has decreased over the last
year, falling to 9.8 percent in December 2023 (from 10.3 percent in
November).
Food prices increased by 8.5 percent (in November 2023, 9.2
percent), non-food products by 9.1 percent (in November 2023, 9.9
percent), and paid services by 12.4 percent.
Monthly inflation declined slightly to 0.8 percent (down from 1
percent the previous month).