Central Bank reports easing inflation but sharp rise in service costs

The Central Bank has published inflation indicators for August 2025.

Annual inflation stood at 12.3 percent in 2022, then eased to 8.8 percent in 2023. It rose slightly to 9.8 percent in 2024, but dropped again to 8.8 percent as of August 2025.

The share of goods and services whose prices increased by more than 10 percent declined over the years:

• 52 percent in 2022
• 25 percent in 2023
• 22 percent in 2024
• 18 percent in 2025

This trend reflects overall easing inflationary pressures and a decline in the number of “high-inflation” items, compared to the price shocks of previous years.

Food products – biggest changes

According to the data, some food prices fell sharply in August, while others surged.

• Pumpkin (–52.8 percent)
• Grapes (–39.5 percent)
• Tomatoes (–34.7 percent)
• Rice (–17.8 percent)
• Apples (–16.6 percent)
• Cucumbers (–15.3 percent)

Meanwhile, carrots (69.1 percent), cabbage (46.5 percent), and onions (40.1 percent) saw the steepest price increases. Other notable increases included:

• Cottonseed (vegetable) oil: +39.4 percent
• Potatoes: +32.0 percent
• Mutton: +28.5 percent

Non-food goods

Prices of some non-food goods decreased in August. Propane fell by 6.1 percent, A4 paper by 4.6 percent, and kitchen appliances by 3.3 percent.

The record rise in global gold prices was also reflected in the jewelry market – wedding rings rose by 33.2 percent.

At the same time, prices of methane (31 percent), newspapers (15.3 percent), gasoline (11.1 percent), bar soap (10.1 percent), and vitamins (9.9 percent) increased.

Services

Among services, the cost of money transfers fell by 0.3 percent, tuition at private universities by 1.3 percent, and wired internet by 1.8 percent.

The fastest-growing service price in August was driving courses, which rose by 71.3 percent. Domestic passenger air transport increased by 59.5 percent, piped gas by 39.2 percent, cold water by 34.1 percent, waste collection by 23.9 percent, and public kindergarten services by 21 percent.

High-inflation items

The share of products with annual price growth below 10 percent reached 83 percent in food, 96 percent in non-food goods, and 42 percent in services. Figures show that the services sector has the highest concentration of high-inflation items – 48 percent.