In July, Central Asia’s most populous state recorded 0.1% deflation since the beginning of the fiscal year, the State Statistics Committee reports.
Inflation occurs when the price of goods and services rises, and deflation occurs when the price falls. The balance between the two economic conditions is very delicate, and the economy can quickly shift from one state to the other.
Since the beginning of the year, inflation was 6.4 percent, and the annual rate was 12.3 percent. Inflation in June was 0.9 percent.
In Uzbekistan, deflation usually occurs continuously from June-July. The reason is the decrease in food prices. In July, they fell by 1 percent during the month.
In addition, last month, non-food products rose in price by 0.9%, and services by 0.3%.
The Central Bank predicted that inflation will reach 12-14 percent in 2022. For comparison, in 2021 it was 9.9 percent.
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