The Atyrau bridge in Kazakhstan

Kazakhstan Inflation June 2024

Kazakhstan: Inflation falls to a joint three-year low in June

Inflation was stable at May’s 8.4% in June. The figure represented the joint-weakest inflation rate since June 2021. According to the preliminary release, price pressures eased across the consumer basket.

As a result, the trend pointed down, with annual average inflation falling to 10.2% in June (May: 10.7%).

Lastly, consumer prices increased 0.36% from the previous month in June, moderating from May’s 0.41% increase. June’s result marked the weakest reading since September 2020.

Our Consensus is for price pressures to average around current levels overall in 2024, down from 2023’s rate on a high base effect, past interest rate hikes and slower domestic demand. That said, inflation will continue to outpace the National Bank of Kazakhstan’s 5.0% medium-term target until 2028.

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