Kazakhstan Producer Inflation Slows to 4-Month Low

Producer prices in Kazakhstan rose by 9.1% year-on-year in July 2026, easing sharply from a 17.2% jump in the previous month. This marked the lowest growth in four months, as inflation slowed in manufacturing (7.8% vs 11.8% in June), weighed down by slower price growth in food production (5.7% vs 6.6%), beverages (6.4% vs 6.9%), paper and paper products (2.2% vs 3.0%), and chemical and chemical products (9.0% vs 11.9%). At the same time, costs rose at a softer pace in mining and quarrying (10.9% vs 25.9%) and electricity, gas, steam, hot water, and air-conditioning (11.8% vs 12.0%). In contrast, prices increased faster in water supply, sewerage, waste collection, treatment, disposal, and remediation activities (7.9% vs 7.5%). On a monthly basis, producer prices fell by 4.9% in July, reversing a 0.5% gain in the preceding period.

Producer prices in Kazakhstan increased 17.2% year-on-year in June 2026, accelerating from 16% in May. This marks the highest level since October 2022, as price growth accelerated for six consecutive months. Mining and quarrying prices surged 25.9%, accelerating again from 22.7% in the previous month, reflecting sharp increases in the prices of extraction of crude oil and natural gas (34.5%) and mining of metal ores (12%). Price growth also accelerated in the supply of electricity, gas, steam, hot water, and air conditioning, rising 12% from 11.4%. In contrast, inflation in manufacturing eased slightly to 11.8% from 12%, and water supply, sewerage, waste collection, treatment, and disposal and remediation activities rose 7.5%, easing form 7.6%. On a monthly basis, producer prices increase 0.5% in June, slowing sharply from a 3.2% rise in the previous month.

Annual producer inflation in Kazakhstan accelerated to 16% in May 2026, marking a new high since October 2022, compared to 11.1% in April. Prices of mining and quarrying soared again (22.7% vs 10.1% in April), particularly for crude oil and natural gas production (32%) and for production of mineral raw materials for the chemical industry and fertilizers (58.8%). Prices also increased at a faster pace for supply of electricity, gas, steam, hot water, and air conditioning (11.4% versus 9.6%) and water supply, sanitation, waste collection, treatment and disposal and pollution control activities (7.6% versus 7.3%). On the other hand, cost for manufacturing slowed again (12% vs 13.2%). Compared to the previous month, the PPI rose 3.2%, following a 4.2% jump in April.