In October 2024, inflation in Kazakhstan rose by an average of 8.5%. The relevant reports have already been published on the portal of the Bureau of National Statistics QazStat.
On a regional level, the highest increase in inflation was observed in the capital – 10.2%, Mangystau Region – 9.7% and Almaty – 9.4%.
The main indicator of inflation in the economy is the consumer price index, which shows how much consumer prices have risen or fallen compared to the previous period.
For example, in January-October 2024, the price index for food products in Kazakhstan was 106.1%, meaning prices for goods in this category rose by 6.1% compared to the same period last year.
The largest increase in food prices was recorded in Almaty, where the index was 108.3%. This is followed by Zhetysu Region – 107.6% and Mangystau Region – 107.4%.
The most significant price rises were seen in housing services – by 16.1%. Prices also increased substantially for alcohol and tobacco – by 13.3%, healthcare – 11.2% and clothing and footwear – 11%.
Another important indicator of economic stability in the country is the housing market price index.
Changes in property prices affect the overall rate of inflation, as rental costs and housing prices directly impact household spending.
In January-October 2024, the cost of newly built property in Kazakhstan rose by 2.2%. The biggest increase was observed in Aktobe – 7.7%, as well as in Kyzylorda – 7.5% and Taldykorgan – 6.1%.
The price of secondary housing in Kazakhstan rose by 0.7%. The highest index was recorded in Atyrau - 115%, in Petropavlovsk this figure was 105.9%, and in Taldykorgan – 104.3%.
Furthermore, spending on rent in the country also increased - by an average of 4.7%. The largest price rise was observed in Taldykorgan – by 21.3%. This was followed by Karaganda – 20.7% and Atyrau – 19.5%.
And although inflation in Kazakhstan increased by 8.5% in October 2024, in the long term its growth rate is gradually slowing down. For comparison, in 2022 inflation rose by 18.8%, and last year - by 10.8%.
However, the rise in prices for basic goods and services continues to put pressure on the purchasing power of the population.
Earlier, the FBRK editorial team examined the dynamics of the housing market in the largest region of Kazakhstan – Karaganda Region. In particular, we reported on how demand for residential property changed in the region.