Kazakh govt to retain inflation in target range of 7.5%-9.5% in 2023

ALMATY. Oct 19 (Interfax) - Kazakh Prime Minister Alikhan Smailov hopes that the government will reign in inflation within the target range of 7.5%-9.5% next year.

"Together with the National Bank, we are introducing a set of measures to curb inflation. (...) We believe that the measures will bring inflation down to 7.5%-9.5% and below that level in subsequent years," Smailov said on Wednesday in the Kazakh parliament, the Majilis.

The prime minister also noted that retaining inflation within 8%-10% this year is not feasible in the current geopolitical situation.

"This year, the geopolitical situation is developing in such a way that it is driving inflation high worldwide. In our case, the sharp strengthening of the Russian ruble against the dollar and against the tenge has contributed to the mounting pressure. Automatically, Kazakh imports from Russia, which account for 40% of total imports, have risen in price by 30%," the prime minister said.

The country's annual inflation rate reached 17.7% in 9M 2022.