This study investigates the nature, causes, and dynamics of inflation, with a particular focus on Kazakhstan. Inflation is analyzed as a complex phenomenon influenced by monetary, non-monetary, and psychological factors, as well as market speculation. Using econometric modeling based on monthly data from 1994 to 2008, the research identifies key determinants of inflation in Kazakhstan, compares its patterns with other countries (USA, Australia, and Korea), and provides policy recommendations for mitigating inflationary pressures.