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Economy

Kazakhstan’s inflation slows to 9.3% in September as the tenge opens the week at 447.73

Annual inflation fell to 9.3% in September from 9.8% in August, the fourth monthly decline in a row, the Bureau of National Statistics reported on 1 October. Monthly inflation held at 0.6%. The National Bank set the official rate at 447.73 tenge to the dollar for Monday, with the base rate at 16.25% ahead of its decision of 23 October.

Bar chart of Kazakhstan's September inflation by component, 11.0% non-food goods, 8.9% services and 8.5% food, against an amber line at the 9.3% headline rate.

The three components all sit near the headline figure. Non-food goods rose 11.0% over the year, paid services 8.9% and food 8.5%, by the bureau’s September print as Zakon.kz carried it on 1 October. Monthly inflation of 0.6% matched August’s.

Food did the slowing. Onions were 20.7% cheaper than a year earlier, lemons 13.9%, carrots 13.6% and potatoes 13.4%. Among durables, cars were 11.3% cheaper, electric heaters 9.1% and air conditioners 8.7%.

The three components all sit near the headline figure.

The tenge print for the week is 447.73 to the dollar, the National Bank’s official rate for 5 October, with the euro at 502.98 and the rouble at 5.35. Kazakhstan’s 2026 budget law was written at 540 tenge to the dollar, the 2027 draft at 480.

At 16.25%, the base rate waits on the National Bank’s next decision on 23 October, the first after a September print below 10%.

The October print is due in early November, after the bank’s decision, and will be the first to show whether a fifth month of slowing follows the fourth.