Annual inflation in Uzbekistan rose to 8.9% in July, marking a slight increase from May and June levels. However, the figure remains below the 10.5% recorded in the same month of 2024, according to the latest report from the National Statistics Committee.
The country recorded monthly deflation for the second month in a row. Consumer prices in July fell by 0.2%, largely due to a decline in food prices.
Fruits and nuts saw the steepest drop, decreasing by more than 9%, while vegetables, tubers, and legumes fell by 4.8%. Dairy products and eggs declined by 0.8%, and grain products by 0.1%. In contrast, meat prices rose by nearly 2%.
Since the beginning of the year, overall prices have increased by 4%, averaging a monthly rise of 0.6%. This is slightly below the 4.9% cumulative increase (or 0.7% monthly average) reported during the same period last year.
Regional and Sectoral Trends
Deflation was most notable in Karakalpakstan, Khorezm, and Andijan regions, each recording a 0.4% drop in consumer prices. Meanwhile, the Syrdarya region experienced a 0.7% increase — the highest monthly growth — and, along with Fergana, reported the highest annual inflation rates at 9.5% and 9.9%, respectively.
In the non-food segment, inflation remained modest at 0.2% for the month and 7.1% over the year. Price growth for clothing and footwear, as well as household appliances, slowed to just 0.1% in July.
Services Continue to Drive Inflation
The services sector remained the main driver of inflation, with prices rising by 0.9% in July and 16.3% year-on-year. A key factor was the increase in housing and communal service tariffs, which rose by an average of 7.5% nationwide.
Regional adjustments contributed to the rise: water supply tariffs increased in four regions; waste disposal fees went up in Navoi and Samarkand; and apartment maintenance charges rose in Jizzakh, Kashkadarya, and Fergana.
In the first half of 2025, Uzbekistan’s consumer prices rose by 4.2%, down from 5.2% during the same period in 2024. Annual inflation held steady at 8.7% in June, the same as in May, but declined from 10.1% in April and 10.6% in June 2024.
At the end of 2024, annual inflation reached 9.8%, one percentage point higher than in 2023, but still lower than the 12.2% recorded in 2022. In December alone, prices rose by 1%, while the average monthly inflation throughout 2024 stood at 0.8%.
Earlier, the International Monetary Fund (IMF) expected inflation in Uzbekistan to ease from 8.4% in 2025 to 5% by 2027, aligning with the Central Bank’s long-term monetary policy targets.
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