Kazakhstan: Inflation increases to a near two-year high in June
Latest reading: Inflation rose to 11.8% in June, above May’s 11.3%, marking the highest inflation rate since August 2023, and more than doubling the Central Bank’s medium-term target of 5.0%. The increase was broad-based, with food, energy and housing prices all recording stronger price pressures. Inflation was likely pushed up by a weakening tenge vis-à-vis the Russian ruble, plus stubbornly high inflation in key trading partner Russia.
The trend pointed up, with annual average inflation coming in at 9.4% in June (May: 9.1%).
Finally, consumer prices rose 0.82% in June over the previous month, coming in below May’s 0.92% increase. June’s result marked the weakest reading since September 2024.