In June, annual continued to accelerate, reaching 11.8% (YoY). At the same time, monthly inflation decelerated to 0.8%.
External inflationary factors remain mixed, while domestic factors are predominantly pro inflationary. AERC expects inflation in July to reach 0.76% (MoM) or 11.9% (YoY). By September, these figures are projected to reach 0.82% (MoM) and 12.6% (YoY).
One-year ahead inflation expectations declined from 14.1% in May to 12.6% in June. However, long-term expectations rose to 14.2%, once again exceeding short-term forecasts.
The moderate stability of the tenge against the US dollar was interrupted in mid-July due to seasonal factors. The share of transactions by the National Bank and quasi-government companies decreased from 39.2% to 32.7%.
Kazakhstan's reserve assets reached $52.3 billion. Gold remains the largest component at USD 31.6 billion, with its value increasing by 2.8% due to physical accumulation.
Read more in the Monetary Snapshot.
