The Monetary Policy Committee of the National Bank of Kazakhstan decided to keep the base rate at 18% per annum, the regulator's press service reported.
According to the National Bank, annual inflation in March 2026 decreased to 11% from 11.7% a month earlier. By category, a slowdown was also recorded: food prices rose by 11.7% (previously 12.7%), non-food goods by 11.3% (11.6%), and services by 10% (10.8%). The monthly inflation rate also decreased to 0.6% after 1.1% in February.
Core inflation indicators and seasonally adjusted data show a downward trend, but their level still exceeds the 5% target, indicating persistent price pressure in the economy.
Inflation expectations of the population for the next year rose to 14.6% (previously 13.7%), remaining at an elevated level. At the same time, forecasts of professional market participants for 2026 remain stable at around 10%.
The regulator also noted the impact of external factors: the escalation of the situation in the Middle East led to an increase in global prices for oil, food, and fertilizers, which intensifies inflationary pressure and may increase the cost of imports for Kazakhstan.
In January–March 2026, the country's economy grew by 3% year-on-year. Despite the slowdown in the oil industry, overall growth is supported by activity in construction, transport, manufacturing, and trade.
Photo: freepik
