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Uzbekistan sees increase in inflation rate

Uzbekistan Materials 2 October 2023 11:27 (UTC +04:00)
Kamol Ismailov
Kamol Ismailov
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TASHKENT, Uzbekistan, October 2. Uzbekistan’s annual inflation rate accelerated again, reaching 9.19 percent in September 2023, Trend reports.

As of September 2023, inflation in Uzbekistan amounted to 1.24 percent, which is the highest figure for this month in the last three years (1.03 percent in 2022 and 1.09 percent in 2021), and also the largest increase since the beginning of 2023.

Despite the recent spike, inflation rate in Uzbekistan has remained at its lowest point in the last five years since the beginning 2023.

According to Uzbekistan’s State Statistics Committee, price increase amounted to 5.13 percent from January through September, which is a third less than in the same period of 2022.

Food prices for September increased by 1.8 percent, which is the maximum rate compared to calculations from recent years. However, the annual growth amounted to 11 percent and remained the lowest since 2019.

Uzbek government has been taking measures to decrease the inflation rate in the country. The adoption of targeted measures and strengthening the economy, as well as ensuring sustainable growth have turned out to be priorities for the country and led to continuous slowdown in inflation rates.

Furthermore, the inflation rate has slowed down slightly in the service sector. Monthly price growth amounted to 0.6 percent, while the annual growth fixed at 8.2 percent.

Earlier this year, International Monetary Fund (IMF) expected the inflation rate in Uzbekistan at 11.8 percent in 2023, increasing by 0.4 percent, compared to the estimated 11.4 percent in 2022 via World Economic Outlook.

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