Kazakhstan lowers 2026 inflation outlook
The Governor of the National Bank, Timur Suleimenov, announced that the inflation forecast for 2026 has been revised downward, Qazinform News Agency reports.
The announcement was made at a press briefing on the factors behind the base rate decision.
"Inflation in 2026 is expected to be within 9-11%, previously 9.5-11.5%. The adjustment reflects positive actual inflation trends, a slowdown in consumer lending, and a stronger exchange rate," the governor explained.
At the same time, the inflation forecast for 2027 was left unchanged, remaining in the corridor of 5.5-7.5%.
The National Bank expects inflation to continue slowing thanks to tight monetary policy, fiscal discipline, stabilization of consumer demand, and predictable tariff policy.
"Against the backdrop of a normalizing external inflation environment and measures taken by the Government and the National Bank, we expect inflation to settle near our 5% target in 2028," Suleimenov added.
Earlier today, the National Bank reduced its base rate from 18% to 17% as inflation slowed, while reaffirming its commitment to a moderately tight monetary policy.
Qazinform News Agency reported on Thursday that President Kassym-Jomart Tokayev tasked the National Bank with curbing inflation and ensuring financial stability.