What will inflation be in 2027? Government forecast

Kazakhstan's government projects that inflation will range between 7.5 and 9.5 percent in 2027, according to forecasts presented by officials. This projection comes as current inflation shows a downward trend, having fallen to 10.2 percent from a high of 12.9 percent in September of the previous year. This decline has been sustained for ten consecutive months.

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The inflation forecast range has been set at 7.5–9.5 percent for 2027

Several key factors are credited with slowing inflation, including a moderately tight monetary policy and the strengthening of the national currency, the tenge. Despite this progress, officials acknowledge that inflation remains at a high level. To address this, the government and the National Bank are implementing measures aimed at further reducing price increases.

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inflation in Kazakhstan is declining.

These measures include maintaining a tight monetary policy to keep tenge-denominated assets attractive and curb excessive demand. Additional steps involve mirroring gold purchase operations and gradually increasing minimum reserve requirements for banks. These actions are expected to withdraw approximately 4.1 trillion tenge from the economy over the year, thereby reducing excess liquidity and contributing to inflation slowdown. The National Bank will continue to monitor the economic situation and consider further macroprudential measures if risks emerge in specific lending segments.

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As a result of the joint measures taken, the National Bank will continue to monitor the situation. If risks increase in certain lending segments, additional macroprudential measures will be considered