In May 2022, the annual Consumer Price Index (INI) was 11 %. In this:
Food inflation — 6 %;
Non-food products - 3.6%;
Service inflation was 1.4 %.
The research has shown that inflation in trading partner countries is one of the main factors influencing inflation in Uzbekistan.
Because the growth of import inflation represents about 38 % of the main inflation.
In Uzbekistan, the contribution of demand factors such as money supply, interest rate and GDP to inflation is 29 %.
Changes in price influencing factors are driving the increase of the consumer price index in Uzbekistan by 33%.
Import inflation accounted for 4.18 % of the overall 11 % inflation in the 5 months of 2022.
The share of Uzbekistan's main trading partners, such as Russia, China, Kazakhstan, South Korea and Turkey, has reached 2.73%.
Russia and China contributed the most to import inflation. The significant share of these countries in the total import of Uzbekistan is 21% and 19%, respectively.
The impact of import inflation was as follows in the section of countries:
Russia - 0.90 %;
China — 0.81 %;
Kazakhstan - 0.45 %;
South Korea — 0.30 %;
Turkey - 0.28 %.
The effect of inflation in Russia is observed mainly in industrial goods, machinery and transport equipment.
Similarly, China's import inflation has mainly affected machinery and transport equipment, manufactured goods and chemicals.
Import inflation from Kazakhstan was mainly observed in food and industrial goods.
Imported inflation from South Korea and Turkey affected the prices of cars and transport equipment.
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