Kazakhstan predicts inflation to stay at 5-7% in 2018

"We expect annual inflation to slow down gradually in 2018 and project it to be in the corridor of 5-7%," Mr. Akishev announced at a press conference on January 25.

He reminded that annual inflation made 7.1% in 2017, which correspondent to the initial target corridor of 6-8%.

"Inflation slowed down amid predictable and adapted monetary policy of the National Bank and a stable situation in the global commodity and food markets," the Chairman of the Bank elaborated.

Akishev pointed out a significant slowdown in inflation was indicated by the core inflation measure, without taking into account the volatile components. Over the reporting period, that indicator slid from 8.9% to 6.2%.

"Based on the results of the population survey in December 2017, the quantitative assessment of inflationary expectations for 2018 decreased to 7.1%," he added.