The consolidated Consumer Price Index (CPI) for October 2023 in Uzbekistan reached 101.0%, indicating a slight increase in prices compared to the previous month. Looking back to December 2022, the CPI stood at 106.2%. In annual terms, comparing October 2023 to the same month of the previous year, the consolidated CPI recorded a value of 109.0%.
Breaking down the CPI by goods, the CPI for goods in October 2023 was 101.1% for the month. Since the beginning of the year, the figure has risen to 106.5%. In annual terms, the CPI for goods reached 109.4%.
CPI for Goods and Services
Notably, the short-term CPI for food products in October 2023 amounted to 101.3%, while non-food products and paid services recorded values of 101.0% and 100.7%, respectively. In December 2022, the CPI for food products stood at 106.9%, non-food products at 105.9%, and paid services at 105.5%. Comparing annual CPI changes, food and non-food products reached levels of 110.9% and 107.7%, respectively, while services reached 107.5%.
Comparison with Other Countries
The CPI is a globally calculated index, and neighbouring countries also employ it to monitor inflationary trends. For instance, in February 2023, Azerbaijan registered a composite CPI of 101.5%, while Russia stood at 100.5%. Such comparisons highlight Uzbekistan's position concerning its regional counterparts and provide valuable insights for economic analysis.
The drastic price increases are no longer average compared to most other countries. Usually, this is a sign of political and economic turmoil. The Consumer Price Index (CPI) of 17.5% in 2018 means that compared to the previous year, all prices increased by an average of 17.5%.
More than half of the increase in the annual consolidated CPI in October 2023 can be attributed to rising prices for food products (51.4%). The lowest annual CPI was recorded for goods and services in the field of information and communications (98.5%), while the services of restaurants and hotels had the highest CPI (121.7%). The short-term CPI for October 2023 fluctuated within a range of 98.5% to 106.5% across different categories under the section of "Food and non-alcoholic beverages."
Impact on Uzbekistan’s Economy
The CPI plays a significant role in shaping Uzbekistan's economy. According to Trading Economics, the country's inflation rate increased to 9.20% in September from 8.96% in August of the same year. The CPI comprises various components, with food items accounting for 53.13%, non-food items for 26.77%, and services for 20.1% of the index. These figures offer a glimpse into the sectors driving inflation and their impact on the overall economy.
Similar to the CPI for January-October of the current year, the decrease in prices for communication services had a downward effect on the annual CPI, leading to a slight decrease in the indicator by 0.05 percentage points.
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