Tokayev calls inflation the main problem in Kazakhstan

Tengrinews.kz – Inflation is "eating away" at income growth, requiring decisive action. This was stated by the President of Kazakhstan during his latest Address to the Nation.

The President noted that the main problem in the country today is high inflation, which effectively nullifies economic growth and rising incomes.

“There is no ready-made solution to this issue. Most countries face it, and it is essentially a universal problem, but in our case, it has become especially acute. We must break out of this macroeconomic vicious circle.

We should overcome emerging difficulties by applying global best practices and be prepared to take responsibility for unpopular measures. The Government and the National Bank must act as one team, given the gravity of the situation, which is of nationwide importance. Now is not the time for a tug-of-war,” stated Kassym-Jomart Tokayev.

Earlier, it was reported that Kazakhstan’s Government has doubled its inflation forecast for 2026. The maximum inflation threshold is now expected to reach 10% in 2026, as outlined in the country’s new socio-economic development plan. The previous forecast was significantly lower, with authorities expecting inflation in the 5–6% range.