ALMATY, Jan. 17 (Xinhua) -- The National Bank of Kazakhstan has decided to keep its base rate at 15.25 percent per annum, with a floating range of 1 percentage point above or below, the bank's press service announced Friday.

In December, the country's inflation was 8.6 percent, in line with the 2024 forecast of 8-9 percent. Key contributors included a sharp rise in service prices and accelerating non-food inflation since August. Core inflation also kept rising due to demand-side pressures driven by continued fiscal stimulus, the bank said.

The Kazakh economy grew by 6.2 percent year-on-year in 2024, fueled by fiscal stimulus and higher household incomes, it said, warning that risks of an overheating economy remain due to strong demand outpacing supply.

The bank will assess whether further monetary tightening is necessary to bring inflation back to its 5-percent target.

The bank's next decision on the base rate is scheduled for March 7. Enditem

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