Analysts Lower Kazakhstan's 2026 Inflation Forecast to 9.5%

Participants in the National Bank of Kazakhstan's macroeconomic survey expect inflation in Kazakhstan to reach 9.5% for 2026. In August, the same participants had forecast inflation at 10%. Estimates for the following two years also fell, according to the results of the October survey.

For 2027, experts lowered their inflation forecast from 8.5% to 8.3%, and for 2028 from 7% to 6.9%. The most notable revision concerned the current year, with a decrease of 0.5 percentage points. The National Bank said that analysts' inflation forecasts were lowered across the entire forecast horizon.

The survey involved 14 organisations that analyse and forecast Kazakhstan's economy. The National Bank stressed that the published estimates belong to market participants and are not the regulator's own forecast. In September, annual inflation slowed to 9.3% from 9.8% in August, according to the Bureau of National Statistics.