BAKU, Azerbaijan, April 10. Inflation in Kazakhstan decreased to 18.1 percent year-over-year in March 2023, which is a significant drop compared to 21.3 percent recorded in February, Trend reports, citing the Eurasian Development Bank (EDB).
The EBD analysts project inflation to subside to 7.8 year on year by the end of 2023.
The drop is explained due to the extremely high level of inflation registered in March 2022, which was softened by the March 2023 figures. As a result, consumer prices decrease for food and non-food products alike.
The Almaty-based bank also points to diminishing inflationary pressure due to the recovery of global supply chains.
Despite the positivities, EDB highlights that the average price increase in March 2023 remains higher (0.9 percent) than the average (0.6 percent).
Earlier, a source at the National Bank of Kazakhstan told Trend that the institution continues its work to tackle inflation by creating new supply chains, and carrying out relevant monetary policies. The source added that the National Bank expects inflation to subside gradually as a consequence of the policies being implemented.