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National Bank forecasts inflation at 7.5-9.5% in 2009
Astana, November 25 2008
Kazakhstan's annual inflation will reach 7.5%-9.5% in 2009 and will slightly slow down to 7%-9% in 2010, National Bank CEO Anvar Saidenov said.
"In August the annual inflation rose to 20%, but in October it was not above 14%. Such trend will persist till the end of the year and will continue in 2009," he said at the government meeting on Tuesday in Astana.
"That will allow the National Bank to keep the annual inflation in 2008 at the level below 10%, at 7.5-9.5% in 2009 and 7%-9% in 2010," Saidenov said.
He also noted that the situation on the Kazakh consumer market proves the beginning of the inflation slow down and reduction in the inflationary pressure."
"In 2008 Kazakhstan's macroeconomic situation is defined by the deep global recession and a slump in commodity prices," the National Bank CEO said.
"The recession in business operations and the lack of liquidity apart from their negative impact will slow down the inflation in many countries," Saidenov said.
As reported, inflation in Kazakhstan in October 2008 slowed to 13.9% in comparison to the rate posted in October 2007 owing to a decrease in fuel prices, the State Statistics Committee told Interfax.
In September, inflation in annual terms (September 2008 to September 2007) came to 18.2% and 20.1% in August. The rise in consumer prices in comparison with the previous month came to 0.6% in October and 8.8% since the year' start. However, foodstuff prices displayed a more assertive increase, up 9.5% since the start of the year. Non-foodstuffs increased in price by 6.5%. Paid services went up 10.1%.
The National Bank forecasted annual inflation at 7.9%-9.9% in 2008, 7.5%-9.5% in 2009, while an average annual inflation at 16%-18% and 8%-10% respectively.