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IMF on inflation rate in Kazakhstan

04 november 2014, 14:34
Yaroslav Radlovsky ©
Yaroslav Radlovsky ©

 Inflation rate in Kazakhstan is estimated at 6.1% in 2015, lower than this year’s indicator, Tengrinews.kz reports, citing Yukha Kakhonen, deputy head of the department for the Middle East and Central Asia of the International Monetary Fund.

According to the IMF, the inflation rate in 2014 is expected at 6.9%. As Christoph Rosenberg, an Advisor in the IMF’s Communications Department, elaborates, in 2014-2015 the inflation rate in Kazakhstan is estimated at 6-8%.

“In 2014 the Central Bank wants to keep inflation within the corridor of 6-8%. They expect a similar indicator in 2015. We believe the Central Bank is able to maintain the indicator at the estimated level. The inflation pressure is under control”, Mr. Rosenberg said.
Besides, the IMF forecasts Kazakhstan’s 2014 GDP growth at 4.6%, slightly increasing to 4.7% in 2015.

Earlier the country’s Central Bank reported that the annual inflation rate as of the end of July stood at 7%. The major driving force behind the inflation was growing price for both foodstuffs and consumer products in the wake of the 20% currency devaluation in February.

According to the State-run Agency for Statistics, back in 2013 the inflation rate stood at 4.8%, down from 6% in 2012. In 2013 the inflation rate hit its record low for the last 15 years.

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