BAKU, Azerbaijan, June 11. Kazakhstan aims to reduce inflation to 5-7% by 2029, First Vice Minister of National Economy Azamat Amrin said during a press briefing.
This is stated by the press service of the Kazakh government.
Amrin noted that this target is expected to be achieved through the implementation of a Comprehensive Plan for increasing household incomes.
He said that among the key targets of the plan are raising household incomes by 2–3 percentage points above inflation and creating up to 240,000 quality jobs annually.
Furthermore, Amrin pointed out that labor productivity in EU countries currently exceeds Kazakhstan’s level by more than three times, while rural areas still face a high share of unstable employment. To address these challenges, Kazakhstan plans to implement 17 cluster projects, launch new agricultural investment initiatives, develop agricultural cooperatives, support small businesses, and expand microcredit programs in the regions.
He added that more than 30,000 microloans will be issued in rural areas, dual education coverage will be expanded, labor productivity in agriculture will be increased, and the share of household spending on food will be reduced to 40 percent of total consumer expenditures.
Kazakhstan has updated its Comprehensive Plan for Increasing Household Incomes for 2026–2029. The new plan replaces the previous program implemented since 2022 and includes 59 measures across six key areas aimed at improving welfare, creating quality jobs, and increasing real incomes.
According to the National Bank of Kazakhstan, monthly inflation in the country slowed to 0.7% in May, compared to 0.8% in April. Both core inflation and seasonally adjusted inflation also decreased to 0.7%. As of the end of May this year, the annual inflation stood at 10.4%, decreasing by 2.5 percentage points from the peak level of 12.9% recorded in September last year.
The National Bank forecasts inflation at 9–11% in 2026. In 2027, inflation is expected to slow to 5.5–7.5%, while in 2028 it is projected to stabilize close to the 5% target level.
