Latest Inflation Data: Cooling Trends in Czech Republic, Sweden, Poland, Namibia; Kazakhstan Raises Outlook

Fresh numbers show inflation easing across parts of Europe and Africa, while forecasters in Kazakhstan push up their targets and Russia’s economy minister flags lower-than-expected pressures.

Czech Inflation Slows More Than Expected

Czech inflation slowed more than expected in November but services prices stayed elevated, backing the central bank’s cautious rate stance, per Bloomberg.

Sweden’s Figures Beat Forecasts Lower

Sweden’s CPIF dropped to 2.3% in November from 3.1%, missing economist calls for 2.5%, according to ING analyst Francesco Pesole via FXStreet. Core inflation excluding energy fell to 2.4% from 2.8%, against expectations of 2.6%. Pesole says the Riksbank won’t rush more rate cuts at 1.75% amid better growth, keeping their EUR/SEK call at 10.90 by end-December.

Poland Hits 2.4%, Prompts Sixth Rate Cut

Poland’s inflation landed at 2.4% in November, down enough to trigger a sixth straight interest rate reduction, as reported by TVP World.

Namibia Eases to 3.4%

Namibia’s annual rate slowed to 3.4% in November 2025 from 3.6% the month before, per TradingView News. Food and non-alcoholic beverages dropped to 3.9% from 4.6%, with bread and cereals at 0.5% versus 2.9%, and vegetables at 2.8% from 5.7%. Monthly prices stayed flat.

Kazakhstan Lifts 2025-2026 Projections

The National Bank of Kazakhstan bumped its baseline inflation outlook to 12-13% for 2025, up from 11-12.5%, and 9.5-12.5% for 2026 versus 9.5-11.5% before, according to its November report cited in The Times of Central Asia. Blame goes to strong demand, high expectations, regulated prices, a VAT hike to 16% in 2026, and utility/fuel price unfreezes. They expect a gradual slowdown with tight policy.

Russia Running Cooler Than Forecast

Actual inflation in Russia sits far below the current 2025 projection, Economy Minister Maxim Reshetnikov told Interfax, as covered by TradingView News.