Inflation To Gradually Pick Up Through 2013

We forecast consumer price inflation in Kazakhstan to pick up in the final months of 2012, forecasting a full-year average of 5.0% on the back of increasing food prices following a poor harvest. In 2013, we expect recovering domestic and external demand to push inflation higher still, to average 6.2%. While there are balanced risks to our inflation outlook, we do not expect inflation to hit the levels seen in 2008.

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