TASHKENT, Uzbekistan, September 15. Inflation in Uzbekistan is said to accelerate to 9.5 percent by the end of 2023, Trend reports.
Recently, the inflationary dynamics in Uzbekistan have been increasing again. As per data provided by Uzbekistan’s Central Bank, prices for certain groups of goods continue to grow in spite of a general slowdown in inflation in Uzbekistan.
In August 2023, inflation decreased to 9 percent from 9 percent in June due to an 8.5 percent growth in prices for services in the country. Core inflation shows a tendency to slow but steady decline, amounting to 10.7 percent.
Uzbekistan sees an increase in aggregate demand due to budget incentives, income growth, and an increased amount of loans, which is evident by an increase in the number of real estate transactions of 7.7 percent from January through August of 2023.
The Central Bank of Uzbekistan plans to take measures to achieve a reduction of pro-inflationary factors and pressure from aggregate demand, which followed an increase in income.
Earlier this year, Uzbekistan recorded a decrease in inflation rates from January through June, which was the lowest rate in the last 5 years. As per data from the Center for Economic Research and Reforms (CERR), during this period, prices in the country increased by 3.5 percent, while the number for the same period in 2022 amounted to 6.5 percent.