Kazakhstan’s CPI inflation eases to 11.8% in September

Kazakhstan’s CPI inflation eases to 11.8% in September
/ bne IntelliNews
By bne IntelIiNews October 3, 2023

Annual consumer price index (CPI) inflation in Kazakhstan eased to 11.8% in September, down from 13.1% in August, according to data released by the country’s statistical office. 

Although still in the double digits, CPI inflation has been slowing across Kazakhstan. The September inflation figure is within the lower range of the central bank's year-end inflation target range of 11-14%. 

On a monthly basis, the rate of price growth slightly decreased to 0.6%, largely due to reduced pressure from the services segment. The continued deceleration of food inflation played a significant role, registering at 11.4% y/y, down from 12.4% y/y.

Non-food inflation also saw a decline to 12.1% y/y, down from 13.5% y/y in August. The impact of fuel price increases was partially offset by the base effect, though there may be inflationary pressures in the transport sector in the near term due to maintenance work at Atyrau refinery.

Services inflation moderated to 11.9% y/y, from 13.9% y/y.

The inflation outcome was also influenced by base effect considerations.

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