Uzbekistan's annual inflation rate has experienced a significant turnaround, dropping to a record low of 8.9%, as per the latest report by the State Statistics Agency of Uzbekistan. This notable decline comes after a seven-year high, making it a pivotal moment for the nation's economy.
The decline to an annual inflation rate of 8.9% is particularly noteworthy when considering the high baseline of 13.8% recorded in 2022. The last time Uzbekistan witnessed such a low level of inflation was back in August 2016. By contrast, the highest inflation rate on record was registered in 2018 at a staggering 26.9%.
A closer look
Examining the monthly figures, consumer prices experienced a slight decrease of 0.2% in July. This marginal decline is attributed to a seasonal reduction of 0.9% in food prices. However, non-food items witnessed an increase of 0.3%, while services saw a more substantial rise of 0.5% - marking the year-to-date maximum surge in the service sector.
Within the food category, certain commodities continued their upward trajectory in price. Rice prices saw a notable increase of 1.7%, while beef and mutton prices rose by 0.7% and 0.5%, respectively. This continuous uptrend in food prices could pose challenges for households already navigating the inflationary environment.
In other sectors, specific non-food items and services experienced significant price hikes during the same period. The prices of tobacco, inpatient treatment, passenger transportation, and restaurants & hotels rose notably, potentially impacting consumer spending patterns and overall economic dynamics.
On the other hand, official statistics have not yet reflected the sharp increase in the prices of water supply tariffs, which are reportedly facing an 80-100% surge. Similarly, there is no recorded data on the apparent 20-25% increase in preschool and primary education services, which could have broader implications for households and access to essential services.
*Note: All data and statistics mentioned in this report are based on information released by the State Statistics Agency of Uzbekistan.*
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