(Interfax) – Kazakhstan’s National Bank may review its inflation estimates for in 2011 upward as monetary policy alone may not be sufficient to maintain staple prices.

In a statement The The National Bank acknowledged:

In regards to the minimal impact of monetary factors on inflation, the steps within the monetary policy may prove to be insufficient to contain prices of consumer goods. The National Bank does not rule out an increase in the inflation target for 2011.

In accordance with the guidelines of Kazakhstan monetary policy for 2011, the National Bank set the inflation rate at 6% to 8%. The National Bank believes that the inflation in 2011 will be affected by the lopsided dynamics of the aggregate demand and supply.

The bank assured:

The inflation process will be develop driven by positive economic trends on the domestic market, climbing global commodity and food prices a raise in social benefits and payments, as well as flaccid competition.

National Bank inflation forecast for the third quarter of 2011 is set at 0.6% to 0.8%. In the fourth quarter the bank expects the inflation to rise to 1.8% to 2%.