Annual inflation in Uzbekistan hits multi-year low of 7.1% in March

Consumer prices in Uzbekistan rose by 0.6% in March, maintaining the same monthly pace as February. This figure represents a 0.3% decrease compared to the inflation rate recorded in March 2025. For the first quarter of 2026, the cumulative price growth stands at 1.9%. The annual inflation rate of 7.1% is a notable improvement from the previous year, reflecting a 3.2% decrease over the last 12 months.

When excluding volatile fruit and vegetable products, the core monthly inflation rate remained steady at 0.5%. On an annual basis, this specific segment grew by 7.8%, which is more than 1.5 times lower than the growth rate observed during the same period last year.

The food segment saw price growth accelerate to 1.2% in March, up from 0.9% in February. However, compared to March 2025, the pace has decelerated by 0.3%. In annual terms, food products have become 5.6% more expensive. Meanwhile, non–food products saw a modest monthly increase of 0.3%, with a total annual gain of 5.3%, down from the 7.4% recorded a year prior.

A significant driver of the current downward trend is the cooling of the services sector. The rate of price increases for paid services dropped to 0.2% for the month. Annually, services grew by 12.7%, which is roughly half the 27% growth rate seen during the previous annual cycle.

On a regional level, the highest monthly inflation rates were recorded in Tashkent and Surkhandarya at 0.7%, while other regions averaged 0.6%. Regarding annual figures, Fergana region maintains the highest inflation rate at 7.5%, whereas Jizzakh region recorded the lowest at 6.4%. In the capital, prices have risen by 2% since the start of the year and by 6.9% over the past 12 months.