Kazakhstan Inflation May 2021


Kazakhstan: Inflation increases in May

June 1, 2021

Consumer prices rose 0.71% from the previous month in May, coming in below April's 0.85% rise. The softer rise was primarily due to a softer increase in prices for foodstuffs. In addition, price pressures for non-food goods eased.

Inflation came in at 7.2% in May, which was up from April’s 7.0%. Annual average inflation edged up to 7.2% in May (April: 7.1%).

On the outlook for inflation and the implications for monetary policy, Artem Zaigrin, chief economist at SOVA Capital, commented:

“Going forward, we expect inflation to moderate closer to the upper bound of NBK’s targeted range (4–6% YoY). We think NBK is unlikely to start normalizing its policy stance in 2021, as elevated food-price pressures and Covid-19, not to mention the geopolitical risks coming from Russia, could reverse the recovery course, bringing oil prices down and leading to supply disruptions.”

FocusEconomics Consensus Forecast panelists expect inflation to end 2021 at 6.1%, which is up 0.1 percentage points from last month’s forecast. The panel expects inflation to end 2022 at 5.4%.

Author:, Junior Economist

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Kazakhstan Inflation Chart

Kazakhstan Inflation May 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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