Департамент торговых идей

Further decline in tenge rates amid continuing growth in ruble rates

We forecast inflation slowdown to 6.5% yoy under the pressure of weak dynamics of household spending.

Fixed Income Weekly: January 18 - January 24, 2021

Housing market in 2020

Fixed Income Weekly: January 1 - January 8, 2021

We forecast inflation slowdown to 6.5% yoy due to increased disinflationary factors.

Inflation in December 2020 remained at the level of 0.9% mom.

Due to the slower reduction in tax revenues of the state budget in the third quarter to -9.5% yoy against -23% yoy in the second quarter, budget tax revenues decreased by 10% yoy in the first 9 months of this year. 

We keep our inflation forecast for the end of this year at 7.3% yoy.

Inflation in September accelerated slightly to 0.3% mom from 0.1% mom in the previous month. In annual terms, the growth in prices did not change and remained at the level of 7%. Inflation in the third quarter of this year slowed sharply to 0.7% from 1.8% in the second quarter and dropped to the level of the third quarter of 2019. The slowdown in inflation in the third quarter was facilitated by food products, which occupy the largest weight in the consumer basket – prices for them did not change in July-September. We keep our inflation forecast for the end of this year at 7.3% yoy.