Kazakhstan Inflation January 2016


Kazakhstan: Inflation continues to surge at the beginning of 2016

February 4, 2016

Consumer prices increased 1.3% in January over the previous month, which followed the 1.2% rise observed in December. The monthly increase resulted from higher prices for food, alcoholic beverages, health and transport.

Inflation climbed from 13.6% in December to 14.4% in January, and thus advance to levels last registered in September 2008. As a result, inflation remains well above the National Bank of Kazakhstan inflation target established in September 2015. Under the new inflation targeting regime, the Central bank established an inflation target corridor of between 6.0% and 8.0% for the medium term.

Inflation is likely to continue rising in the coming months, mainly due higher prices for imported goods as a result of the ongoing weakening of the national currency. However, as domestic demand is expected to weaken going forward, this should dampen inflationary pressures and bring inflation down the Central bank’s target in the medium term.

Following the jump in December, FocusEconomics Consensus Forecast panelists see that inflation will moderate in the coming months. Analysts see inflation at 8.8% at the end of 2016. This month’s forecast is up 0.6 percentage points from last month’s forecast. For 2017, the panel expects inflation to end the year at 6.5%.

Author:, Senior Economist

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Kazakhstan Inflation Chart

Kazakhstan Inflation January 2016

Note: Month-on-month changes and annual variation of consumer price index in %.
Source: Republic of Kazakhstan Agency of Statistics.

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