NBK governor reports acceleration in non-food inflation
This digest was compiled by AI from multiple sources — links to the originals are below.
National Bank Governor Timur Suleimenov reported that non-food inflation in Kazakhstan accelerated to 8.2% in June, up from 7.5% in May. The increase was driven by rising prices for clothing, household goods, and electronics.
Inflation Drivers
Suleimenov attributed the acceleration to supply chain disruptions and increased import costs. Clothing prices rose 9.1% year-on-year, while household goods increased 7.8%. Electronics saw a 6.5% price hike, according to the National Bank.
Monetary Policy Context
The National Bank has maintained its base rate at 13.5% since May, citing persistent inflationary pressures. Core inflation, which excludes volatile food and energy prices, stood at 7.9% in June. The bank targets inflation within 4-6% by end-2027.
What's Next
The National Bank's next monetary policy decision is scheduled for August 25. It remains unclear whether the acceleration will prompt a rate hike, as the bank balances inflation control with economic growth concerns.
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NBK governor reports acceleration in non-food inflation
