Inflation climbs to a nearly two-year high in June

Latest reading: Inflation climbed to 11.8% in June from May’s 11.3%, marking the joint-highest rate since August 2023. Inflation remained well above the Central Bank’s medium-term target of 5.0%, likely fanned by a weakening tenge vs the Russian ruble plus stubbornly high price pressures in key trading partner Russia. According to the preliminary release, the acceleration was broad-based, with services and goods costs gaining traction. As a result, the trend pointed up, with annual average inflation rising to 9.4% in June from 9.1% in May, the joint-highest reading in nearly a year. Finally, consumer prices rose 0.82% over the previous month in June, below May’s 0.92% increase.

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