National Bank of Kazakhstan updates inflation forecast for 2027
The National Bank of Kazakhstan has revised its inflation forecast for 2027, raising the projected range by one percentage point, Qazinform News Agency reports.
Speaking on the sidelines of an expert meeting in Astana, National Bank deputy governor Akylzhan Baimagambetov discussed the revised inflation outlook, explaining that while the central bank had raised its forecast for 2027, it still expected inflation to gradually slow in the coming years.
"In our latest forecast, we raised our inflation projection for next year by one percentage point, from 5.5–7.5% to 6.5–8.5%. However, we still expect inflation to gradually ease and aim to bring it down to 3–4% in 2028," Baimagambetov said.
According to Baimagambetov, the revised forecast partly reflects additional inflationary pressure from the planned increase in the minimum wage and the implementation of the nationwide construction program.
"These additional factors will help stimulate economic growth and support faster development. At the same time, we have slightly raised our inflation forecast to account for their potential impact," he said.
Kazakhstan plans to raise the minimum wage from 85,000 to 110,000 tenge on January 1, 2027, following an instruction from President Kassym-Jomart Tokayev during his State-of-the-Nation Address.
During the same address, the President also proposed declaring 2027 the Year of Nationwide Large-Scale Construction.
