← BackMethodology
Both lines on the landing are in real purchasing power. The tenge line is deflated by Kazakhstan CPI; the SPY line is deflated by US CPI.
The formula · per $1,000
kzt_nominal(t) = 1000 × (kzt_close[t0] / kzt_close[t])
kz_cpi(t) = ∏ (1 + kz_cpi[year])^years_in_year
kzt_real(t) = kzt_nominal(t) / kz_cpi(t)
spy_nominal(t) = 1000 × (spy_close[t] / spy_close[t0])
us_cpi(t) = ∏ (1 + us_cpi[year])^years_in_year
spy_real(t) = spy_nominal(t) / us_cpi(t)
Kazakhstan CPI · annual
| 2020 | 7.5% | KZ National Bank |
| 2021 | 8.4% | KZ National Bank |
| 2022 | 20.3% | KZ National Bank / IMF WEO |
| 2023 | 9.8% | KZ National Bank |
| 2024 | 8.6% | KZ National Bank |
| 2025 | 8.0% | IMF WEO (est.) |
| 2026 | 7.5% | IMF WEO (forecast) |
US CPI · annual
| 2020 | 1.2% | BLS CPI-U |
| 2021 | 4.7% | BLS CPI-U |
| 2022 | 8.0% | BLS CPI-U |
| 2023 | 4.1% | BLS CPI-U |
| 2024 | 2.9% | BLS CPI-U |
| 2025 | 3.0% | BLS CPI-U (YTD) |
| 2026 | 2.5% | BLS CPI-U (YTD) |
Live calculation · $1,000 5-year backtest
Fetching data…
Data sources
- Yahoo Finance ·KZT=X weeklyUSDKZT spot, weekly close, 5y rangefinance.yahoo.com
- Yahoo Finance ·SPY weeklySPDR S&P 500 ETF, weekly close, 5y rangefinance.yahoo.com
- National Bank of Kazakhstan · CPIOfficial monthly and annual inflation serieswww.nationalbank.kz
- US BLS · CPI-U annualConsumer Price Index, all urban consumers, annual averagewww.bls.gov
- IMF World Economic Outlook · KazakhstanForward CPI estimates (2025, 2026)www.imf.org
Known limitations
- CPI is applied as flat annual rate. Monthly CPI granularity would shift real values by <1%.
- Weekly buckets align KZT=X (Sun 23:00 UTC) and SPY (Mon 04:00 UTC) into the same 7-day slot.
- 2025 and 2026 CPI are partial-year / forecast values. Actual annual prints will slightly adjust both lines.
- No tax, no brokerage fee, no FX spread: a clean like-for-like comparison of closes.