Kazakhstan inflation slows to 10.3% in June, central bank cautious
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Kazakhstan's annual inflation fell to 10.3% in June, the ninth consecutive monthly decline, according to data from the National Bank. Central bank chairman Timur Suleimenov said the slowdown was driven by moderately tight monetary policy and government anti-inflation measures, but cautioned it is insufficient to declare stabilization.
Monetary Policy Impact
The National Bank maintained moderately tight monetary conditions and raised minimum reserve requirements to manage money supply. It also applied 'mirroring' operations on gold purchases. Monthly inflation in June stood at 0.8%.
Government Measures
Anti-inflation steps by the government contributed to the slowdown, Suleimenov said. To further curb price growth, he called for moderate increases in utility tariffs and fuel prices, as well as filling the domestic market with locally produced goods.
External Risks
Suleimenov identified geopolitical tensions and rising global food prices as key external risks. He urged restraint in budget deficit and transfers from the National Fund to avoid fueling inflation.
What's Next
The National Bank will continue to assess inflation dynamics at its next policy meeting. It remains unclear whether the current slowdown will be sustained given external pressures and the need for tariff adjustments.
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Kazakhstan inflation slows to 10.3% in June, central bank cautious
