Annual inflation in Uzbekistan drops to 7.5%

Uzbekistan’s inflation rate continued to decline in November, falling to 7.5% year-on-year – its lowest level in past years and well below the Central Bank’s 8% forecast, according to new data from the National Statistics Committee.

Photo: Spot

Despite the long-term slowdown, monthly inflation accelerated slightly, reaching 0.7% in November compared with October.

The report shows that accumulated inflation for the first 11 months of 2025 reached 6.4%. This is one-third lower than during the same period last year, when inflation stood at 8.7%.

Compared with November 2024, the pace of monthly price growth decreased by 0.2 percentage points, indicating an overall cooling of inflationary pressures despite the slight month-to-month uptick.

Food products saw the sharpest increase, with prices rising by 1% in November and by 5.7% year-on-year.

Excluding food items, monthly inflation stood at 0.3% – twice as low as in November last year. The 12-month non-food inflation rate amounted to 8.3%, nearly 1.5 times lower than in 2024.

Inflation dynamics varied significantly across the regions. Tashkent posted the highest monthly inflation at 1%. Most other regions recorded lower price growth, averaging 0.6%.

In Karakalpakstan and Jizzakh, monthly inflation stood at 0.7%.

Since the beginning of the year, the strongest overall price increases were reported in Karakalpakstan (6.9%), followed by Surkhandarya and Fergana regions (6.8%).

Jizzakh had the lowest inflation at 5.7%, while Tashkent and Kashkadarya registered a 6.1% rise.

On an annual basis, the highest inflation was again observed in Karakalpakstan (8.1%) and Fergana (8%), whereas Jizzakh recorded the lowest rate at 6.8%.