Inflation is to slow down in Kazakhstan - National Bank Deputy Chairman
As of March 2023, the monthly inflation rate remains above the annual average for the past five years despite the decline since March 2022 peak, Deputy Chairman of the Kazakh National Bank Akylzhan Baimagambetov said in the Senate.
He went on to note that the annual inflation peaked at 21.3% in February this year.
A 26.2% growth in food prices appeared to contribute most to inflation.
The country saw non-food inflation accelerate to 20.2% due to rising prices for imported goods. Paid-services inflation stood at 15% in the country.
According to Baimagambetov, the inflation remains high on the background of logistics chains restructure, high inflation expectations, continued fiscal stimulation, and increase in lending.
«Given the monetary policy amid an expected decline in foreign inflation background, new logistics chains, as well as last year’s base interest cut the inflation is expected to slow down,» said the Deputy Chairman of the Kazakh National Bank.