The National Bank of Kazakhstan has improved the forecast for inflation within the nation to 9.3-10.3 p.c for 2023, Trend experiences.
As the NBK explains, the revision of the forecast for 2023 is related to a extra reasonable than anticipated enhance in tariffs for housing and communal companies and a extra restrained enhance in costs for non-food merchandise.
At the identical time, the forecast for 2024 was saved on the stage of 7.5-9.5 p.c, for 2025 – on the stage of 5.5-7.5 p.c.
Among the principle dangers of the inflation forecast for 2024-2025, the NBK identifies a attainable enhance in fiscal stimulus, unanchored inflation expectations, a attainable enhance in meals costs because of the impact of a low harvest in 2023, in addition to the direct impact of accelerating tariffs for housing and utility companies.
Inflation within the Republic of Kazakhstan slowed down over the 12 months and amounted to 10.8 p.c in October 2023 (in September–11.8 p.c), over the month – 0.7 p.c (earlier month – 0.6 p.c).
Prices for meals merchandise over the 12 months elevated by 10.4 p.c (in September 2023 – 11.4 p.c), for non-food merchandise – by 11.1 p.c (in September 2023 – 12.1 p.c), for paid companies – by 11 p.c (in September 2023 – 11.9 p.c).
Regionally in October 2023 in annual phrases, the inflation fee exceeding the republican common was noticed in 9 areas, the highest of which had been in Akmola (12.7 p.c), North Kazakhstan (12.1 p.c), and Zhetysu (11.7 p.c) areas.
Source : Businesslend