Kazakhstan Inflation August 2021


Kazakhstan: Inflation comes in at highest level since November 2016 in August

September 2, 2021

Consumer prices rose 0.47% in August over the previous month, after the 0.67% increase recorded in July. August's result marked the weakest reading since September 2020. The cooling of price pressures was primarily driven by softer growth in prices for foodstuffs.

Inflation ticked up to 8.7% in August, following July’s 8.4%. August's reading was the highest inflation rate since November 2016. Annual average inflation rose to 7.5% in August (July: 7.4%).

In light of high inflation and the annual address to the nation by President Tokayev, Artem Zaigrin at SOVA Capital commented:

“Mr. Tokayev expressed dissatisfaction with the National Bank of Kazakhstan’s (NBK) efforts to curb inflationary pressures, which are above the target level (8.7% YoY in July vs. the target range of 4-6%). Both NBK and the government should take measures to bring inflation into the targeted range. One mechanism being considered is price monitoring throughout the supply chain, and the body responsible for this should be chosen in a month's time.”

FocusEconomics Consensus Forecast panelists expect inflation to end 2021 at 6.9%, which is up 0.3 percentage points from last month’s forecast. The panel expects inflation to end 2022 at 5.6%.

Author:, Junior Economist

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Kazakhstan Inflation Chart

Kazakhstan Inflation August 2021

Note: Month-on-month changes and annual variation of consumer price index in %.
Source: Republic of Kazakhstan Agency of Statistics.

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