Kazakhstan Inflation


Kazakhstan: Inflation ends 2015 at the highest level in over seven years

January 5, 2016

Consumer prices in Kazakhstan rose 1.2% in December over the previous month, which came in below 3.7% increase tallied in November. The monthly moderation reflected a slower increase in prices for nearly all items. The monthly increase in December was the softest since October, when consumer prices began to feel the effects of the devaluation of the tenge.

Inflation jumped from 12.8% in November to 13.6% in December, and thus advanced to levels last registered in October 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 devaluation 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 8.2% at the end of 2016. This month’s forecast is unchanged from last month’s forecast. For 2017, the panel expects inflation to end the year at 6.3%.

Author:, Senior Economist

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Kazakhstan Inflation Chart

Kazakhstan Inflation December 2015

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

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