September 2026: Inflation Hits Its Lowest Level Since Early 2025
Overview of Inflation in Kazakhstan
12 October 2026, 14:15
• Annual inflation slowed from 9.8% in August to 9.3% in September, driven mainly by food.
• Food prices posted monthly deflation for a second consecutive month on the back of fruit and vegetables, as well as a range of other food products.
• Non-food inflation accelerated on a monthly basis amid higher gasoline prices.
• Services were neutral: a slight increase in utility tariffs was offset by lower airfares.
• Inflation in the eurozone accelerated in September, while in Russia it rose sharply in early October, which could add pressure.
• The FX channel continues to weaken on the back of further tenge appreciation against the currency basket.
• We cut our end-2026 inflation forecast from 9.8% to 9.5% and our end-2027 forecast from 7.9% to 7.8%.
Details are available in the PDF review.