ALMATY, Oct. 10 (Xinhua) -- The National Bank of Kazakhstan on Friday raised its base rate to 18 percent per annum with a corridor of plus or minus 1 percentage point.

"The easing of monetary conditions amid accelerating inflation, signs of excess demand over supply expansion, and active fiscal policy required a strong response to stabilize inflation dynamics and prevent the risks of an inflationary spiral," said the bank's Monetary Policy Committee press service.

Both annual and monthly inflation in September exceeded expectations across all components, with accelerating trends observed in food, services and non-food inflation, said the service.

Inflation expectations among the population over a 12-month horizon remain elevated and volatile, while uncertainty in estimates persists. Market participants' expectations for inflation this year have been revised upward from 11.3 percent to 12 percent.

The bank said it will continue to closely monitor inflation risks and, if necessary, consider further tightening of monetary policy. ■