Inflation in Kazakhstan
Consumer price inflation in Kazakhstan averaged 8.2% in the ten years to 2022, slightly above the Eastern Europe regional average of 7.7%. The inflation rate for 2022 was 15.0%. For more inflation information, visit our dedicated page.
Kazakhstan Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Kazakhstan from 2021 to 2014.
Source: Macrobond.
Kazakhstan Inflation Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | 5.3 | 6.8 | 8.0 | 15.0 | 14.5 |
Inflation (CPI, ann. var. %, eop) | 5.4 | 7.4 | 8.5 | 20.3 | 9.7 |
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.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Kazakhstani inflation projections for the next ten years from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Kazakhstani inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Kazakhstani inflation projections.
Want to get access to the full dataset of Kazakhstani inflation forecasts? Send an email to info@focus-economics.com.
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