AERC continues to monitor overall price dynamics in the country. In December 2024, annual inflation accelerated to 8.6% (compared to 8.4% year-on-year in November). Monthly inflation remained elevated at 0.9% in December, a level that has persisted since October 2024. In its latest review, AERC estimated December’s overall inflation at 0.8% month-on-month, which was close to the actual data.
Food prices rose sharply by 1.1% month-on-month in December. AERC had previously highlighted the risks of accelerating food inflation in Kazakhstan amid rising global food inflation.
Based on the December 2024 data, AERC has prepared an inflation forecast through March 2025. AERC notes that broad money supply (M3) surged sharply in December 2024, growing by 7.2% in a single month—an indicator of strong inflationary pressure for Q1 2025. Additionally, December saw a depreciation of the national currency. Most domestic and external factors currently contribute to inflationary pressures.
For more details, see the attached file.
