Kazakhstan hikes main rate as food prices balloon

National Bank of Kazakhstan
National Bank of Kazakhstan

The National Bank of Kazakhstan raised the policy rate another 25 basis points to 9.5% in its September meeting, as food inflation climbed higher.

The central bank already pushed the main rate up 25bp two months ago in a bid to ease inflationary pressures. At the time, the board hinted at possible further tightening if inflation persisted.

Prices for goods and services surged by 8.7% in August from a year earlier, after posting annual growth of 8.4% in July, official data shows.

Food prices

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