The National Bank of Kazakhstan has maintained the base rate at 14.25%
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 remains well above the target set by the National Bank. The inflation dynamics are consistent with the bank's forecast.
A decrease in food inflation is a significant factor contributing to the slowdown in overall price increases; however, producer prices for agricultural and manufactured goods, as well as import costs, continue to rise.
According to the bank’s statement, monthly inflation for September was recorded at 0.4%, exceeding the historical average of 0.3%. After seasonal adjustments, both general and core inflation indicators are above the levels observed in the spring and early summer months.
“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.
