Uzbekistan sees increase in average consumer prices
BAKU, Azerbaijan, May 1
By Ilkin Seyfaddini – Trend:
The increase in the average level of consumer prices and tariffs for April 2020, was 1.7 percent, Trend reports citing the State Statistics Committee of Uzbekistan.
In the period from January through April, prices and tariffs in the consumer market increased by an average of 4.5 percent.
For the first time since the beginning of the year inflation for one month exceeded 1.5 percent - in January, February and March it was 0.6 percent, 0.8 percent and 1.3 percent, respectively. In total, prices and tariffs have increased by 4.5 percent since the beginning of the year.
"In this regard, in April, the Central Bank reduced the basic rate for the first time since 2015. Further reduction of inflation in the economy and easing of quarantine restrictions, in turn, will contribute to reducing inflationary expectations, the Central Bank believes," the message said.
Earlier, the Central Bank of Uzbekistan predicted that by the end of 2020 the inflation rate in the country will be 11-12.5 percent.
Gazprombank has forecast a slowdown in inflation to 12.5 percent by the end of 2020 and to nine percent by the end of 2021. The IMF expects inflation in Uzbekistan to decline from 12.6 percent to 10.6 percent. Fitch expects inflation in Uzbekistan to remain high, and only by 2021 it will decline to 10.5 percent.
Follow author on Twitter: @seyfaddini