Kazakhstan Headline Inflation Analysis

Kazakhstan's headline inflation fell to 10.3% yoy in June 2026. Goldman Sachs expects the disinflation pace to moderate, leading to a year-end target of 10.0%.

Key Takeaways

• 1.Headline inflation in Kazakhstan decreased to 10.3% yoy in June, driven by base effects.
• 2.The disinflation process is expected to slow, with headline inflation reaching 10.0% yoy by year-end.
• 3.The National Bank of Kazakhstan (NBK) is expected to approach rate cuts cautiously, targeting 15.50% by end-2026.

Table of Contents

• Monthly Inflation Breakdown
• Disclosure Appendix

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