Kazakhstan: 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 for goods, offsetting an increase in services price growth.
Meanwhile, 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 this year.