Inflation in Kazakhstan should be 50% lower by end of 2023 vs 2022 - prime minister

ASTANA. Aug 31 (Interfax) - Inflation in Kazakhstan is gradually declining and should be 50% lower by the end of 2023 versus 2022, Prime Minister Alikhan Smailov said on Thursday during an expanded meeting of the Amanat party faction in the Mazhilis, the lower house of parliament.

As reported, Kazakhstan had inflation of 20.3% in 2022, and the federal budget envisages a target range of 7.5%-9.5% in annual inflation this year.

Smailov added that Kazakhstan's economy is demonstrating steady growth despite the consequences of the pandemic and the difficult geopolitical conditions, recalling that the country's GDP grew 4.8% in the first seven months.

"Foreign trade turnover has increased to $140 billion this year. The country's international reserves currently total nearly $95 billion," Smailov said.

As previously reported, Kazakhstan saw inflation accelerate to 0.6% in July 2023 from 0.5% in June. July inflation was 14% YTD.