Inflation in Kazakhstan November 2022
Inflation rose to 19.6% in November, down from 18.8% in October, for the 11th consecutive month of growth. The November result marked the highest inflation rate since August 2008. Judging by the details of the publication, the acceleration was wide-ranging, as food, transport and housing prices rose at a faster pace in November.
Average annual inflation rose to 14.0% in November (October: 13.1%). Finally, consumer prices rose 1.40% month-on-month, down slightly from the 1.60% rise in October.
Commenting on the forecast, EIU economists said:
“[W]and expect an annual rate [of inflation] will remain roughly unchanged in December, and then gradually decrease at the end of the year. On December 12, Prime Minister Alikhan Smailov announced a set of measures to combat inflation, including stimulating the retail sector. We don’t expect this to stop record high inflation immediately.”
FocusEconomics experts predict that inflation will average 10.1% in 2023, which is 0.3 percentage points lower than last month’s forecast. In 2024, inflation is projected at an average of 6.8%.