Uzbekistan sees relative stability in consumer prices

Business Materials 10 February 2018 13:03 (UTC +04:00)

Baku, Azerbaijan, Feb.10

By Nigar Guliyeva - Trend:

Uzbekistan recorded a relative stability of consumer prices in January 2018 following a certain growth in late December 2017, the Central Bank of Uzbekistan said in a message.

The Central Bank explains this with a relatively low consumer activity compared to the pre-holiday period.

According to the Central Bank, 135 consumer goods and services with the greatest demand were selected for monitoring during the reported period. Of these, 45 are food products, 75 - non-food products and 15 - services. The specific weight of the influence of these groups of goods and services on the generalized indicator of price changes is 57 percent, 29.5 percent and 13.5 percent, respectively.

Particularly, the dynamics of prices for food products showed more stability, which, despite fluctuations in prices for certain types of goods, generally tended to slightly decrease (by 1 percent), the report reads.

Among the monitored groups of food products in January 2018, prices for eggs fell by 10.5 percent, vegetables - 5.8 percent and fruits - 4.5 percent.

The monitoring results showed a 4.9 percent increase in milk prices, 1.1 percent - meat (beef and lamb), 0.7 percent -wheat flour and 0.4 percent - rice.

During the reported period, prices for selected non-food items rose by 2.1 percent overall. Furthermore, prices for everyday goods changed slightly, while there was an increase in prices for building materials and fuel for motor vehicles.

Thus, according to the Central Bank, prices for building materials (an increase of 10.8 percent) and excise goods (cigarettes and alcohol - 7.2 percent and 0.3 percent, respectively) and methane for cars ( 6.7 percent) made the main contribution to the growth of prices for non-food products.

The main factors of this growth were an increase in administratively regulated tariffs for natural gas for business entities and excise tax rates.

In addition, due to the seasonal decline in demand for clothing and footwear, prices for these subgroups of goods decreased by 2.2 percent.

During the monitoring period, prices for services went up by 4.2 percent. In particular, the fee for the services of pre-school educational institutions increased by 10.3 percent, transport services - 6.3 percent, household services - 3 percent and medical services -2.1 percent.

In general, the dynamics of prices for all observed goods and services showed a slight increase of 0.6 percent.