Annual inflation in Uzbekistan in January amounted to 7.2% y/y, a 2.7pp improvement on the 9.9% posted a year earlier and very slightly down on December’s 7.3% y/y, according to the national statistical committee.

Monthly inflation was recorded at 0.7%, unchanged from January 2025.

Food prices rose by 0.8% m/m, following 1.5% m/m in December, and by 5.5% y/y.

Non-food prices rose 0.4% m/m, up from 0.3% m/m in January 2025 and increased 5.2% y/y, down from 7.7% y/y ago.

Paid services increased by 0.8% m/m and by 13.5% y/y.

In the services sector, motor insurance costs surged by 381.8%, contributing 0.11 pp to inflation. 

Also in January, long-distance train ticket prices fell 0.5% m/m but were up 8.6% y/y and airfares dropped 5% m/m but increased 17.1% y/y.

Gasoline prices (AI-92) rose by 0.6% m/m, while AI-95 and AI-98/100 increased by 0.4% and 0.3%, respectively.

Propane (LPG) prices rose 8.9% m/m and 12.3% y/y. 

Methane prices edged up just 0.1% m/m but were up 30.2% y/y.

On an annual basis, the fastest price growth was recorded in Fergana region at 7.7% and the slowest in Jizzakh region at 6.7%.

In Tashkent city and the surrounding Tashkent region, annual inflation was slightly below the national average, at rates of 7.1% and 7.2%, respectively.

The January data was compiled according to a new methodology for measuring inflation, aligned with international standards and supported by the IMF. 

The statistical committee now collects data over a period extended from 11 to 25 days, using multiple sources and tracking a wider basket of goods and services. There is weekly monitoring of 30 key goods and services.

The Central Bank of Uzbekistan (CBU) recently revised its inflation forecast, projecting the headline rate will reach 6.5% at the end of 2026.