Kazakhstan Inflation July 2017


Kazakhstan: Inflation declines to nearly two-year low in July

August 10, 2017

Consumer prices rose 0.1% from a month earlier in July, coming in below June’s 0.4% print. July’s print mainly reflected how higher prices for industrial goods and transportation were nearly offset by lower prices for agricultural products

Inflation declined from the 7.5% tallied in the previous three months to 7.1% in July. July’s print represented the lowest rate since September 2015. Inflation has been moderating in recent months after falling substantially in the latter half of last year as a result of a base effect.

Inflation should continue easing as the economy more fully adjusts to an increasingly stable exchange rate and the recovery in global energy prices. Annual average inflation fell from 10.5% in June to 9.7% in July, which was the lowest print since March 2016.

The National Bank of Kazakhstan sees inflation remaining within a 6.0%-8.0% target band this year. For 2018, the Bank expects inflation to move within a 5.0%-7.0% target band. FocusEconomics Consensus Forecast panelists expect inflation to end 2017 at 7.1%, which is unchanged from the last month’s forecast. Our panel expects inflation to edge down to 6.5% by end-2018.

Author:, Economist

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Kazakhstan Inflation Chart

Kazakhstan Inflation July 2017

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

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