ASTANA, Kazakhstan, July 17. The Asian Development Bank (ADB) has forecast average annual inflation in the Caucasus and Central Asia (CA) to be 7.6 percent in 2024, Trend reports.
According to ADB, the forecast has been revised down by 0.3 percentage points, compared to the previous assessment of 7.9 percent in April.
Based on the bank's estimate, the inflation rate for 2025 will amount to 6.8 percent, which is 0.2 percent less than in the previous forecast (7 percent).
According to ADB, the revised forecast mostly reflects lower-than-expected price levels observed in Armenia, Georgia, and the Kyrgyz Republic.
Inflationary pressures are also subsiding in other economies in the subregion. From January through May 2024, Kazakhstan’s inflation rate slowed to 9 percent, down from 18.5 percent in the same period in 2023, due to a stable exchange rate and relatively tight monetary policy. Tajikistan’s inflation was 3.8 percent in the first 4 months of 2024. In Uzbekistan, inflation decelerated to 9.2 percent in the first 5 months of 2024 from 11.4 percent a year earlier.