At the end of 2022, inflation in Kazakhstan will reach 20-21%, Chairman of the National Bank of Kazakhstan Galymzhan Pirmatov said, according to Kazinform.
“In view of the above, the forecast in the base case has been significantly revised. At the end of 2022, inflation will be in the range of 20-21%. We expect to reach the peak of annual inflation in the first quarter of 2023,” Pirmatov said at a briefing at the National Bank of Kazakhstan.
As a result of a longer trade restructuring, which is reflected in the non-food consumer goods segment, with high inflationary expectations and a disinflationary external environment, the inflation forecast has been raised to 11-13% by the end of 2023. In 2024, inflation is projected at 7-9%, in 2025 - 4-6%, the head of the National Bank of Kazakhstan believes.
“The limiting factor for reducing inflation over the forecast horizon is high and unstable inflationary expectations with stable demand outstripping the possibilities of domestic supply. In the future, as the inflationary background softens and with stable prices for grain, inflationary expectations will decrease, which will make it possible to achieve inflation targets,” Pirmatov added.
CentralasianLIGHT.org
December 5, 2022