National Bank of Kazakhstan raises 2027 inflation forecast by one point

The National Bank of Kazakhstan has revised its inflation forecast for 2027, raising the projected range by one percentage point, according to Qazinform News Agency. Speaking on the sidelines of an expert meeting in Astana, National Bank deputy governor Akylzhan Baimagambetov discussed the revised outlook.

Baimagambetov said the forecast for 2027 now stands at 6.5-8.5%, up from 5.5-7.5%. Although the central bank raised its 2027 projection, he said it still expects inflation to gradually ease in the coming years, with the aim of bringing it down to 3-4% in 2028.

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. 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 in his State-of-the-Nation Address. In the same address, Tokayev proposed declaring 2027 the Year of Nationwide Large-Scale Construction.