Annual inflation declines for eighth-straight month in Kazakhstan – National Bank

 Annual inflation fell for the eighth month in a row in Kazakhstan, Kazinform News Agency correspondent reports. 

Annual inflation fell for the eighth month in a row. The current rate dropped from a peak of 21.3% in February to 10.8% in October. Such a reduction was due to the weakened foreign inflation pressure as well as the measures taken by the government and the monetary policy of the National Bank, said Akylzhan Baimagambetov, deputy chairman of the National Bank of Kazakhstan.

He went on to add that food inflation was down to 10.4%, and non-food inflation to 11.1%. There was a 11% increase in the price for services in October.

According to the summer forecast, the inflation is to drop to 7.5-9.5% by the end of 2024, 5.5-7.5% by 2025 and then to be near the 5% target.