The consumer price index (CPI) for the first half of 2025 rose by 4.2%—a full percentage point lower than the 5.2% recorded during the same period last year. Annual inflation at the end of June remained steady at 8.7%, unchanged from May and significantly below the 10.6% rate observed in June 2024.
Uzbekistan experienced seasonal deflation in June, with consumer prices falling by an average of 0.2% compared to the previous month, when inflation had sharply increased to 1.5%. Annual inflation in May slowed to 8.7%, down from 10.1% in April.
The monthly decline was largely driven by a 1.2% drop in food prices. Vegetables and legumes saw the sharpest price decreases—down 10.2% overall. Since the beginning of the year, food prices have risen by just 1.7%, compared to a similar decline in the first half of 2024.
Over the past 12 months, food inflation stood at 6%, nearly half of the rate recorded a year earlier.
Manufactured goods prices rose modestly by 0.2% in June and were up 7.5% year-on-year. Monthly growth across key categories was minimal and aligned with May’s levels.
Service prices increased by 0.8% in June and recorded an annual rise of 15.8%. This was largely due to ongoing tariff liberalization in the public utilities sector, particularly in Karakalpakstan, Khorezm, Andijan, and Surkhandarya. On average, water supply and housing maintenance costs rose by 6.1%, while medical service fees increased by 1.1–1.3%.
Only three regions experienced an increase in consumer prices in June—Karakalpakstan (+0.2%), Khorezm (+0.1%), and Surkhandarya (+0.4%). In contrast, regional deflation was most pronounced in Tashkent, Syrdarya, and Jizzakh, where prices declined by 0.4%.
Earlier, the International Monetary Fund (IMF) projected that inflation in Uzbekistan will decline from 8.4% in 2025 to 5% by 2027, in line with the Central Bank’s long-term monetary policy goals.
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