The Atyrau bridge in Kazakhstan

Kazakhstan Inflation April 2024

Kazakhstan: Inflation drops to the joint-lowest level since January 2022 in April

Inflation eased to 8.7% in April, following March’s 9.1%, marking an over two-year low. According to the preliminary release, the moderation was chiefly driven by softer price pressures for food and non-food products. Conversely, growth in services prices accelerated.

Accordingly, the trend pointed down, with annual average inflation falling to 11.3% in April (March: 11.9%).

Finally, consumer prices rose 0.56% in April over the previous month, below March’s 0.69% rise. April’s result marked the weakest reading since June 2023.

Our Consensus is for disinflation to continue through Q4 2025. The delayed impact of tight monetary policy, receding food price pressures, slowing domestic demand and a high base of comparison will limit price growth this year. However, the pace of disinflation will slow and inflation is expected to remain above the National Bank of Kazakhstan (NBK)’s 5.0% medium-term target until 2027.

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