Uzbekistan’s annual inflation fell 0.3 percentage points (pp) to 7.5% in November, down from 7.8% in October, according to statistics committee. 

A year ago, headline inflation stood at 10%.

The November figure remains below the Central Bank of Uzbekistan’s (CBU's) year-end forecast of 8%.

Monthly inflation in November accelerated slightly to 0.7% and compared to 0.6% in October.

Over the first 11 months of 2025, cumulative inflation amounted to 6.4%, a third lower than the 8.7% recorded in the same period a year earlier.

Inflationary dynamics varied across Uzbekistan’s regions. Tashkent recorded the highest monthly inflation at 1%, while 11 regions posted 0.6%. Karakalpakstan and Jizzakh registered 0.7%.

Since January, prices have risen the most in Karakalpakstan (6.9%), followed by Surkhandarya and Fergana (6.8%). The lowest cumulative increase was observed in Jizzakh (5.7%).

Annual inflation was highest in Karakalpakstan (8.1%) and Fergana (8%), compared with 6.8% in Jizzakh.

Food prices in November increased 1% m/m and 5.9% y/y. Fruit and vegetable prices were highly volatile: cucumbers almost doubled in price, tomatoes rose 82%, bell peppers 61.2% and eggplants 51.7% m/m.

Non-food goods climbed 0.5% m/m and 5.3% y/y.

Gasoline prices rose 1.7% m/m and 8.5% y/y, while methane decreased 0.2% m/m but remained more than 30% higher y/y. 

The ropane price increased 7.4% m/m.

Pharmaceuticals rose 0.2% m/m and 5.3% YTD, while clothing and footwear increased between 0.4% and 2.4% m/m due to seasonal demand.

In the services sector, prices rose 0.3% m/m and by nearly 14% y/y. Heating tariffs increased 7.3% m/m, while hot water rose 9% m/m.

Parking fees were up 2.8% m/m (16.2% YTD), courier services 1.3% m/m (18.3% y/y) and food delivery 0.5% m/m (6.4% y/y).

Passenger transport showed mixed movements: domestic and international airfares fell 1.1% m/m, long-distance train fares dipped 0.2% m/m, while the y/y increases were at 54% and 4.4%.