Kazakhstan’s annual inflation rate fell to 14% YoY in July, with the CPI rising by only 0.6% MoM, primarily due to a significant base effect stemming from last year’s sharp rises in the CPI. Also, food inflation declined to 13.5% YoY from 14.6% in June, while the CPI for services remained stable at 13.6%. This base effect is expected to continue driving disinflation until early 2024, potentially lowering annual inflation to nearly 10% by the end of this year and possibly prompting rate cuts.