In May 2024, the specter of inflation reared its head once again, with the monthly inflation rate surging to 2.8%, marking the highest level in over six years.
The last time inflation soared to such heights was in December 2017, raising concerns about the sustainability of economic growth and the purchasing power of households. However, the current surge has surpassed even that, with annual inflation reaching 10.6%, adding to the mounting pressures on consumers' wallets.
The latest report from Uzbekistan's statistical agency reveals a mixed bag of price movements across different sectors of the economy. While food prices experienced a modest decline of 2.0% in May, the cost of non-food products edged up by 0.3%, and services witnessed a sharp increase of 15.2%.
Among the essential food items, the price of carrots surged by 2.6%, potatoes by 2.0%, sugar by 1.1%, oil by 0.8%, rice by 0.8%, mutton by 0.8%, and beef by 0.7%.
The surge in electricity and gas tariffs for households emerged as a key driver behind the accelerated consumer price index (CPI) for May 2024, reaching 102.8% for the month. Gas prices soared by 129.0%, electricity by 67.0%, and compressed gas by 42.9%. Additionally, apartment building service fees registered an increase of 17.3%.
Despite a slight decrease in gasoline prices by 0.8% and propane by 0.5%, other sectors witnessed upward trends. The healthcare sector saw medicine prices climb by 1.3%, while banking institution fees in the financial services sector increased by 3.2%.
In May 2024, expenses for rail transportation services and air travel also rose, with ticket prices for long-distance trains increasing by an average of 2.7%, and international and domestic flights experiencing hikes of 1.8% and 1.1%, respectively.
The CPI data for January-May 2024 reflects a steady increase in prices over the first five months of the year, with a consolidated CPI of 105.5%. The CPI for goods slightly decreased to 99.0%, while the CPI for services surged to 115.20%, surpassing the mark recorded in December 2023.
The CPI solely reflects changes in prices and does not directly correlate with the cost of living, as it does not consider changes in consumption patterns.
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