TASHKENT, Uzbekistan, April 12. The World Bank forecasts a gradual decrease in Uzbekistan’s inflation rates for 2024–2026, Trend reports.
According to the bank, inflation in Uzbekistan will amount to 11 percent in 2024, which is 1 percent more than the estimated 10 percent inflation rate for 2023.
Furthermore, the World Bank forecasts that inflation is set to continue to slow to 9.9 percent in 2025 and to 8.2 percent in 2026.
“Inflation is expected to increase in 2024 due to relatively sharp increases in domestic energy prices because of the energy tariff reforms (accompanied by social protection measures). This will be partially offset by a continued tight monetary stance while the central bank completes its transition to full inflation targeting. Inflation is expected to decelerate to 8 percent in the medium term, higher than the CBU target of 5 percent,” the bank notes.
Meanwhile, the Asian Development Bank (ADB) updated its inflation forecast in Uzbekistan. The bank expects inflation to stay at around 10 percent in 2024 and only decrease slightly to 9.5 percent in 2025.
In January 2024, the year-on-year inflation rate slowed to 9.1 percent from 12.1 percent the previous year, mainly because the central bank kept its policy rate steady at 14 percent.