TASHKENT, Uzbekistan, September 21. ADB (the Asian Development Bank) expects inflation in Uzbekistan to amount to 11 percent in 2023, confirming the previous forecast in April, Trend reports.
As per the data provided by the bank's analysis, the inflation rate for 2024 is expected to slow down and decrease to 10 percent.
The inflation rate in the country dropped to 2.4 percent year-on-year in June 2023 from 8.3 percent year-on-year in June 2022. The average year-on-year inflation rate decreased to 3 percent from January through June 2023 from 7 percent in the first half of 2022.
“In Uzbekistan, price liberalization is still expected to contribute to inflation in 2023 and 2024, although the rate is forecast to edge down to 10.0 percent next year, the lowest level since 2015,” the bank said.
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.