The National Bank predicts that by 2024, the inflation rate will fall within the medium-term target range of 5-7 percent. This projection is based on expectations of a further slowdown in the food component of inflation, influenced by price trends in the global food market. Additionally, this year, the growth rate of food prices is expected to decrease due to the high statistical base of 2023.
The main factors contributing to inflationary pressure include high global uncertainty, relatively tight monetary policies in developed countries, planned revisions to tariff policies, and relatively high inflation expectations among economic agents.
The prices of non-food goods and services are expected to decrease at a slower pace, partly due to the influence of state tariff policies. The forecast for non-food inflation remains moderately high, with a gradual decrease expected by the end of the current year, as highlighted by the National Bank.
