Slowed monthly inflation rate observed in Kazakhstan
Headline: Kazakhstan's Inflation Eases Slightly, Remains High Compared to Previous Months
In Kazakhstan, the trend of inflation has shown signs of moderation over the past few months, according to data up to early August 2025. Despite this easing, the overall inflation rate remains high compared to previous months and years.
Food Prices on the Rise
Food prices in Kazakhstan increased by 11.2% over the year in July 2025, with fruits and vegetables rising by 19.4% and oils and fats by 20.3%. These increases contributed 4.4 percentage points to the rise in annual inflation.
Services and Goods Also Affected
Paid services prices increased by 14.9% over the year in July 2025, while non-food products prices rose by 9.5%. Housing services contributed 1.8 percentage points to the rise in annual inflation, and healthcare added 1.4 percentage points.
Slowing Inflation Rate
The monthly inflation rate eased to 0.7% in July 2025, down from 0.8% in June. This slowdown suggests that the pace of price increases in Kazakhstan has eased compared to previous months.
Regional Differences
The highest annual inflation rates were recorded in the Karaganda region at 13.8% and in Almaty at 13.2%. The lowest rates were in Mangistau and Pavlodar regions at 10%.
Interventions by the National Bank
To combat these high inflation rates, the National Bank of Kazakhstan conducted interventions worth $125 million. The central bank expects to maintain a tight monetary policy given persistent price pressures and strong domestic demand.
Projections for the Future
If the current trend continues, the growth of prices may become more predictable. Projections suggest that inflation will stay within a forecast range of 10.5–12.5% annually for 2025.
In conclusion, while the monthly inflation rate in Kazakhstan has eased slightly, overall inflation remains high compared to previous months and years. The National Bank of Kazakhstan is taking measures to combat these inflationary pressures, and projections suggest that inflation will remain within a forecast range for the rest of 2025.
Finance experts have attributed the continuous high inflation rates in Kazakhstan to the increase in food prices, services, and goods. In an attempt to control the inflation, the National Bank of Kazakhstan has intervened with a monetary policy of $125 million. Despite the slight decrease in the monthly inflation rate, the business sector remains concerned about the overall inflation rate, which remains high compared to previous months and years.
