Inflation in Uzbekistan hits 8.7% over eleven months, November sees record low growth

By the end of November, annual inflation stood at 10.02%, exceeding 2023 levels by 1.26% but remaining below rates from previous years. The Central Bank had anticipated inflation within the range of 9.5% for the year. Despite the overall increase, inflation growth over eleven months slowed by more than 2% compared to the same period in 2022.

Food prices 

Food prices saw a 1% rise in November, slightly slower than in October. Grains became 1.2% cheaper, while sugar and confectionery dropped by 0.7%. However, seasonal factors drove significant increases in vegetable prices, with tomatoes surging by 72%, cucumbers by 42%, and bell peppers by 28%. Conversely, lemons became 15% cheaper, and carrots dropped by 6%.

On an annual basis, food inflation stood at 2%, a fivefold decrease compared to November 2023. Notable yearly price changes included a 33% rise in potatoes and a more than 10% increase in meat, while fruits and nuts saw a 14.6% decrease.

Non-food items and services

Prices for non-food goods rose by 1% in November and 8.3% over the year. Clothing prices increased by 1.1% for the month (5.9% annually), while footwear rose by 1.3% (5.7% annually). Furniture prices saw a modest monthly increase of 0.6% (5.6% annually). Pharmaceuticals and computers both grew by 0.7% in November, with medicines registering a significant 25% rise for the year.

Energy prices surged, with gasoline rising by 4.7% in November and 10% year-on-year. Propane prices continued their upward trend, increasing by 11% for the month and 53% annually.

The service sector experienced a 0.8% monthly inflation rate, translating to 27.8% over the year. Hospitality services saw a 1.3% rise in prices (11% for the year), while hotel prices remained stable at a 17.9% annual increase. Housing rents climbed by 0.5% in November, marking a 14.3% rise for the year.

Transportation costs displayed mixed trends. Railway ticket prices decreased by 0.3%, while airfares dropped by 3% in November. However, both showed yearly increases of 13.3% and 3.3%, respectively.