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