The Atyrau bridge in Kazakhstan

Kazakhstan Inflation May 2024

Kazakhstan: Inflation drops to lowest level since January 2022 in May

Inflation fell to 8.5% in May, down from April’s 8.7%. May’s figure represented the weakest inflation rate since January 2022. According to the preliminary release, the moderation was chiefly driven by softer price pressures for food, which outweighed faster price growth for services.

Accordingly, the trend pointed down, with annual average inflation coming in at 10.7% in May (April: 11.3%).

Lastly, consumer prices increased 0.46% in May over the previous month, moderating from the 0.54% increase logged in April. May’s result marked the weakest reading since June 2023.

Our panelists expect price pressures to continue receding in the remainder of the year and average below 2023’s rate in 2024 as a whole on the delayed impact of past monetary policy tightening, slowing domestic demand and a high base of comparison. That said, average inflation should outpace the National Bank of Kazakhstan’s 5.0% medium-term target until 2028.

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