Annual inflation in Uzbekistan edges down to 8.35% y/y in February

By bne IntelliNews March 4, 2024

Annual inflation in Uzbekistan edged down to 8.35% y/y in February from 8.58% y/y in January, according to the State Statistics Agency.

Monthly inflation in February was 0.64% m/m.

The statistics bureau also stated that food inflation in the second month of the year was 8.7% y/y. The price of rice increased by 31.3% y/y. Beef and granulated sugar prices rose by 9% y/y and 10.1% y/y, respectively.

In contrast, non-food goods and services were up 7.4% y/y and 9.1% y/y, respectively.

Utility tariffs saw moderate increases in terms of hot water (1.1% y/y) and electricity (2.2% y/y) tariffs. However, cold water and sewerage services showed inflation of 67.6% y/y .

Fuel prices also followed a sharply upward trend, with petrol prices up 23.3% y/y.

Propane and methane prices gained by 15.7% y/y and 20.5% y/y, respectively.

In a consumer sentiment survey conducted in January 2024, the proportion of Uzbeks who observed a significant rise in prices fell from 29.3% to 23.2%. This reduction in perceived price increases may reflect the general public's positive response to the government's efforts in managing inflation.

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