• Annual inflation slowed from 10.3% in June to 10.2% in July, driven by food prices.
• Food posted the smallest monthly price growth among the three segments on seasonal cheapening of vegetables and on meat.
• Non-food monthly inflation eased slightly despite continued growth in gasoline prices.
• Paid services accelerated, largely on certain housing services and airfares.
• In July, inflation in Russia held steady, while China's annual inflation again fell below 1%.
• The FX channel sharply reduced pressure in July on the back of a strong appreciation of the tenge against all major currencies.
• We raise our end-2026 inflation forecast from 10% to 10.1% and lower our end-2027 forecast from 8% to 7.9%.
More details in PDF-review.