Kazakhstan has set a goal to reduce inflation to between 5 and 7 percent by 2029, according to the First Vice Minister of National Economy, Azamat Amrin. This target is part of an updated Comprehensive Plan aimed at increasing household incomes and improving economic stability across the country.
The plan focuses on raising household incomes by 2 to 3 percentage points above inflation each year while generating up to 240,000 quality jobs annually. This effort will address challenges like low labor productivity, which remains more than three times lower than levels seen in European Union countries. Rural areas face a particularly high share of unstable employment, which Kazakhstan aims to reduce with targeted initiatives.
Kazakhstan's strategy includes the implementation of 17 cluster projects alongside new agricultural investment programs. Support for small businesses and expansion of microcredit schemes in rural regions are key components, with over 30,000 microloans expected to be distributed in these areas. The government also plans to strengthen agricultural cooperatives, increase dual education coverage, and raise productivity in the agricultural sector to reduce household spending on food to 40 percent of total consumer expenses.
The updated Comprehensive Plan for Increasing Household Incomes for 2026–2029 replaces the program launched in 2022. It comprises 59 specific measures divided into six major areas intended to improve welfare, generate quality jobs, and boost real incomes nationwide.
Meanwhile, inflation trends are showing signs of easing. The National Bank of Kazakhstan reported that monthly inflation slowed to 0.7 percent in May from 0.8 percent in April. Annual inflation fell to 10.4 percent at the end of May, down from a peak of 12.9 percent in September of the previous year. The bank forecasts inflation will remain between 9 and 11 percent in 2026, decrease to 5.5–7.5 percent in 2027, and stabilize near the 5 percent target by 2028.