Inflation to fall gradually to 7.5-9.5% next year – National Bank

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According to Pirmatov, non-food inflation also accelerated by 11.9% due to continuing rise in imported goods prices. Inflation at paid services markets rose by 9.1%, despite the moratorium set on price increase for regulated utilities services.

Inflation to fall gradually to 7.5-9.5% next year – National Bank

KAZINFORM – Monthly inflation rate in Kazakhstan declined by 2% in April and by 1.4% in May, but it still remains high, thus exceeding last year and annual average indicators, Governor of the National Bank Galymzhan Pirmatov says.

The chief banker says that in a per year terms, inflation in May reached 14% and rise in prices is observed in all areas. Food products went up in prices significantly - by 19% per annum.

According to Pirmatov, non-food inflation also accelerated by 11.9% due to continuing rise in imported goods prices. Inflation at paid services markets rose by 9.1%, despite the moratorium set on price increase for regulated utilities services.

"By the end of the year we expect inflation to be at 13-15%. The highest rise is expected at the foodstuff market, with the consideration of the prices at the foreign and domestic markets. This forecast was compiled based on implementation of the Government’s package of measures on inflation control. These measures aim at balanced development of consumer markets," Pirmatov noted.

Meanwhile, the National Bank expects some rise in prices for non-food items. "In 2023, inflation will fall gradually to 7.5-9.5% - on one hand, due to the decision taken on the basic rate, and on the other hand, due to gradual lowering of the external inflationary pressure," Pirmatov added.