Ministry of National Economy Predicts Higher Inflation in 2025
Photo: Midjorney, ill. purposes
The National Bank initially forecasted 2025 inflation to range from 6.5–8.5%, but Vice Minister of National Economy Arman Kassenov now expects it to reach around 10%, Orda.kz reports.
At a government press conference, Kassenov highlighted rising inflation is a global trend. In Kazakhstan, lending to the population is growing faster than nominal GDP, driving additional demand and putting upward pressure on prices.
To a large extent, inflation is monetary in nature. Both the National Bank and the government have implemented anti-inflationary measures — over 100 different initiatives. Their successful implementation has contributed to reducing inflation. However, by the end of the year, we still expect it to reach around 10%, Kassenov stated.
According to the National Bank, January 2025 inflation was 8.9%, and December 2024 inflation was 8.6%. Astana saw the highest price increases.
In January 2025, Kazakhstan's food prices rose 5.8% year-on-year (compared to 5.5% in December 2024).
The steepest food price hikes were recorded in the Jetysu region (+7.9%), while the Turkestan region saw the smallest increase (+3.3%).
Original Author: Ilya Astakhov
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