Kazakhstan Inflation August 2017


Kazakhstan: Inflation inches down to nearly two-year low in August

September 4, 2017

Consumer prices rose 0.1% from a month earlier in August, matching July’s result. August’s print mainly reflected that higher prices for non-food products and paid services were nearly offset by lower prices for foodstuff.

Inflation inched down from 7.1% in July to 7.0% in August. August’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 9.7% in July to 8.8% in August, 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: Ricard Torné, Lead Economist

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Kazakhstan Inflation Chart

Kazakhstan Inflation August 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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