In February 2025, annual inflation in Kazakhstan accelerated to 9.4%. AERC forecasts that annual inflation will continue to rise, reaching 11.04% in May 2025.
Forecasts for inflation and GDP growth were revised downward by the National Bank of Kazakhstan, which is accompanied by an increase in the base rate to 16.5%.
Worsening inflation negatively affected inflationary expectations of the population. Pro-inflationary influence of monetary aggregates remains due to the sharp growth of money supply at the end of last year.
For more details, read the updated Monetary Snapshot.
