TASHKENT, Uzbekistan, October 8. Inflation in Uzbekistan is expected to drop from 11.4 percent in 2022 to 10.2 percent as of 2023, Trend reports via the World Bank.
The inflation is set to continue to slow to 10 percent and 9.9 percent in 2024 and 2025, respectively, reads the latest report released by the Bank.
The WB noted that the inflation in the country stood at 12.9 percent in 2020, before dropping to 10.8 percent in 2021.
"Lower global commodity prices drove CPI inflation to 9 percent in July 2023, down from 10.7 percent in July 2022," the Bank stated.
The analysts stress that, despite expanded social protection programs, slower growth in remittances and private consumption could limit expected progress in poverty reduction. The national poverty rate is projected to fall marginally to 13.9 percent in 2023.
"Downside risks to this outlook include deterioration in Russia’s economic performance, higher external inflationary pressures, and tighter-than-expected global financial conditions. Upside risks include higher global gold, natural gas, and copper prices and stronger productivity growth due to ongoing structural reforms," WB explained.