BAKU, Azerbaijan, October 13. Kazakhstan's annual inflation slowed to 9.3% in September 2026, down from 9.8% in August, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin said at a government meeting.
This was announced in a statement by the press service of the Kazakh government.
He stated that the slowdown was mainly driven by a deceleration in food price growth. Food prices declined by 0.1% in September.
"Containing inflation is one of the government's priorities in its efforts to increase real incomes. Amid slowing inflation, real household monetary incomes rose by 0.7% in the second quarter of this year, compared with 0.1% in the first quarter," Zhumangarin said.
Meanwhile, the National Bank of Kazakhstan forecasts inflation at 9%-11% in 2026. Against the backdrop of stronger domestic and external inflationary pressures, the central bank expects inflation to reach 6.5%-8.5% in 2027.
In 2028, inflation is expected to approach the 5% target as fiscal and quasi-fiscal stimulus gradually declines and monetary conditions remain moderately tight, according to the National Bank.
In its October outlook, the Eurasian Fund for Stabilization and Development (EFSD) lowered its end-2026 inflation forecast for Kazakhstan to 9.5%, from 9.8% in its summer forecast.
The International Monetary Fund (IMF) expects average consumer price inflation in Kazakhstan to reach 10.3% in 2026, down from 11.4% in 2025, according to its October 2026 World Economic Outlook, titled "Resilience Under Strain, Urgent Choices."
