ASTANA – The Monetary Policy Committee of the National Bank of Kazakhstan has decided to keep the base rate at 14.25% per annum with a corridor of +/- 1 percentage point, the bank’s press service reported on Oct. 11.
Despite a decline to 8.3% in September, annual inflation still significantly exceeds the target. The inflation dynamics align with the National Bank’s forecast.
Lower food inflation plays a key role in slowing overall price increases, while producer prices for agricultural and manufactured goods and import costs continue to rise.
According to the bank’s statement, monthly inflation was set at 0.4% in September, having formed above the historical average (0.3%). Considering seasonal adjustments, the indicators of general and core inflation are formed above the levels observed in the spring and early summer.
“Inflation expectations of the population remain volatile, having grown in September. Experts’ inflation expectations for the current year also increased from 8% to 8.4%,” reads the bank’s statement.
The monetary policy committee’s next scheduled decision on the base rate is due on Nov. 29.
