Consumer prices in Uzbekistan increased by 0.93% m/m in November, according to the latest data from the Statistics Agency. Over the course of the year, inflation has reached 8.7%, surpassing last year’s figure. However, this year’s price increase shows a slowdown of more than 2% compared to the same period in 2022.
Annual inflation at the end of November stood at 10%, an increase of 1.26% compared to 2023, but still lower than in previous years. The Central Bank has forecasted that inflation will stabilize at around 9.5% by year-end.
Food prices saw a moderate increase of 1% in November, slightly slowing compared to October. While prices for grain products fell by 1.2% and sugar and confectionery decreased by 0.7%, seasonal factors contributed to a 9% increase in vegetable prices and a 2.7% rise in oil and fat products.
Notable price hikes were observed in tomatoes (up by 72%), cucumbers (up by 42%), and Bulgarian peppers (up by 28%). In contrast, lemons became 15% cheaper and carrots saw a 6% decrease.
Over the year, food inflation was recorded at 2%, an decrease compared to November 2023. Among the most notable price changes were a 33% increase in potatoes, a more than 10% rise in meat prices, and nearly a 6% increase in seafood. Meanwhile, fruits and nuts experienced a decline of 14.6%.
Prices for industrial goods saw a slight acceleration in November, increasing by 1% monthly and 8.3% annually. Clothing prices rose by 1.1% in November, and furniture prices increased by 0.6%. In the pharmaceutical sector, medicines saw a 0.7% price increase, with a 25% rise since the start of the year.
In the services sector, monthly inflation was 0.8%, while annual inflation reached 27.8%. Public catering services became more expensive by 1.3% in November, with a total rise of 11% for the year. Hotel prices increased by 0.1% in November and 17.9% annually, while housing rental costs rose by 0.5% monthly and 14.3% annually.
Fuel prices saw notable increases, with gasoline rising by 4.7% in November and 10% over the year. Propane prices surged by 11% monthly and 53% annually.
In transport, railway ticket prices fell by 0.3% in November, while flight costs dropped by 3%. Since the beginning of the year, prices for railway tickets have increased by 13.3%, and flight costs have gone up by 3.3%.
In October, the CPI saw a year-on-year increase of 10.2%.
Earlier, the government of Uzbekistan released its macroeconomic forecast, projecting that the country's inflation rate, estimated at 9% in 2024, will gradually decrease to a range of 5-6% by 2027.
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