Devaluation of Uzbek national currency increases price of imported goods
Baku, Azerbaijan, Sept. 4
By Fakhri Vakilov - Trend:
In August 2019, the price level of non-food products in Uzbekistan rose by 2.1 percent, Trend reports citing the State Statistics Committee of Uzbekistan.
In general, in January-August 2019, non-food products added 7.8 percent.
In annual terms (August 2019 compared to August 2018), non-food products became more expensive by 11.5 percent.
The long-term consumer price index, calculated by December 2017, for non-food products amounted to 121.2 percent.
According to the calculation results, the average monthly increase in the consumer price index from January 2018 to August 2019 for food and non-food products amounted to 1 percent.
During the eight months of 2019, the consumer price index for non-food products in annual terms reached its minimum in July (109.5 percent), the maximum value was reached in August (111.5 percent).
In August 2019, of the main groups of non-food products, the most significant prices for the month increased for fuel for cars - by 14.7 percent (including gasoline - by 15.5 percent, methane - by 19.5 percent, propane - by 0, 6 percent), as well as coal for household needs - by 10 percent.
Moreover, over the month, prices for jewelry (4.8 percent), stationery (3.1 percent), spare parts for cars (1.8 percent), basic household goods and electrical appliances, medicines (1.6 percent) and cultural goods (1.3 percent) increased above the one percent milestone.
State Statistics Committee reported that the weakening of the national currency entailed an increase in prices for imported consumer goods and an increase in costs for domestic producers importing raw materials, which, along with an increase in the prices of fuels and lubricants, affected an increase in the general price level in the consumer sector.
So, from July 15 to August 15, the exchange rate of the national currency against the US dollar decreased by 3.5 percent, against the euro - by 3.1 percent.
Furthermore, based on the Resolution of the Cabinet of Ministers of Uzbekistan dated July 30, 2019 “On changing prices and tariffs for fuel and energy resources”, from August 15 this year, the price of RON-80 gasoline increased by 12.5 percent, and the price of RON- 91 gasoline began to be established through exchange trading.
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