• Annual inflation decelerated to 10.3% in June from 10.4% in May, driven by food.
• Food prices did not deliver a meaningful seasonal slowdown in June because of vegetables.
• Monthly non-food inflation accelerated versus May amid rising gasoline prices. ● Paid services accelerated, but housing and utility services showed no meaningful increase.
• Russian inflation accelerated sharply in June on vegetables and fuel, while the Eurozone posted its first deceleration since January.
• The FX channel added to pressure for a second consecutive month as the tenge weakened against all major currencies in June.
• We raise our inflation forecast to 10% from 9.5% for year-end 2026 and to 8% from 7.9% for year-end 2027.
More details in PDF-review.