Central Bank reports drop in perceived inflation, lowest since March 2022

As of July, the average perceived price growth over 12 months stood at 12.4%, down by one percentage point and reaching its lowest level since March 2022. The median level dropped to 10.3% (-0.4%).

Residents of Tashkent provided the highest estimates of annual price growth (14.7%), followed by Jizzakh (14%) and Kashkadarya (13.4%). The lowest perceived inflation was recorded in Karakalpakstan, Navoi, and Khorezm — 9.6%, 10.8%, and 11.3%, respectively.

Jizzakh also saw the highest proportion of respondents (22%) who assessed inflation at 21% or higher. In comparison, only 5% of respondents in Karakalpakstan gave such an assessment, with more than half citing a figure of 8% or lower.

Citizens with higher incomes report higher rates of price growth. In the group with monthly incomes over 15 million UZS, the average perceived inflation was 14.4%, while in the group with incomes between 10-15 million UZS, it was slightly lower at 14.2%.

At the same time, inflation was felt more strongly in the group with incomes below 2 million UZS (13.6%). Meanwhile, those with slightly below-average incomes reported inflation below the average (11.2% for 3-4 million UZS and 11.9% for 4-5 million UZS).