Macro Analysis /

Kazakhstan: Headline CPI inflation accelerates to 8.4% y/y in July

    2 August 2021
    • Food inflation up to 11% y/y as lower comparative base comes into effect
    • Fuel prices provide strong upward push in non-food segment and services
    • COVID-19 spike may curb demand-side pressures, but near-term price growth to remain elevated
    • Monetary tightening possible in September, NBK indicates it is leaning towards rate hike currently