Annual inflation in Kazakhstan 8.6% in July

Annual inflation in Kazakhstan 8.6% in July

/ bne IntelliNews

By bne IntelliNews August 2, 2024

Annual inflation in Kazakhstan stood at 8.6% in July compared to 8.4% in June, according to the country’s National Bureau of Statistics.

The central bank’s mid-term annual inflation target is 5%.

The July data also showed that prices for paid services increased by 14.5% y/y, while prices of non-food products grew by 7.3% y/y. Food product prices experienced a 5.5% y/y rise. There has been some upward pressure on food prices in Kazakhstan stemming from effects of severe flooding endured earlier this year.

On a monthly basis, inflation increased by 0.7% in July, up from 0.4% in June. Within this monthly increase, paid services rose by 1.6% m/m, non-food products saw growth of 0.7% m/m and food products recorded a slight increase of 0.2% m/m.

Regionally, Astana city registered the highest monthly inflation rate at 1.3%, which was 0.6 pp above the national average, while Kostanay region recorded the lowest monthly inflation rate at 0.2%.

Kazakhstan’s benchmark interest rate stands at 14.25%, following a 25 bp cut introduced by the central bank in mid-July.

#inflation #Kazakhstan #rate #Macro #bneCHART #Almaty #Astana

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