• Annual inflation slowed from 10.2% in July to 9.8% in August mainly due to food products.
• Food products posted monthly deflation for the first time in a long while due to seasonal declines in fruit and vegetable prices.
• Non-food annual inflation edged down amid weak growth in gasoline prices.
• Paid services accelerated monthly inflation versus July due to higher gas prices.
• In August, inflation in Russia, the EU, and China accelerated, averaging the highest level since October 2025.
• The FX channel indicates even lower pressure in August thanks to a sharp strengthening of the tenge against the ruble.
• Our inflation forecast for end-2026 has been revised down from 10.1% to 9.8% and kept at 7.9% for end-2027.
Details are available in the PDF review.