Ministry of National Economy Predicts Higher Inflation in 2025

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