Annual inflation in Uzbekistan eased to 5.5% in May, down from 7.0% in April and significantly lower than the 8.7% recorded a year earlier, according to the national statisticsal committee.

On a monthly basis, consumer prices edged up by 0.2% in May, slowing from the 0.6% recorded in April and well below the 1.5% increase seen in May 2025.

The committee said that the slowdown in annual inflation was partly driven by a base effect, as substantial increases in regulated utility tariffs, including electricity, natural gas, liquefied gas and methane prices, occurred in May 2025.

Core inflation, excluding changes in fruit and vegetable prices, stood at 5.8% y/y in May, down from 10.4% y/y a year earlier. On a monthly basis, the adjusted consumer price index rose 0.6%.

Over the first five months of 2026, consumer prices increased by 2.7%, compared with the 4.4% seen in 5M25.

Food prices were broadly unchanged during May, although price changes varied significantly across categories. 

Non-food prices increased by 0.3% m/m and 3.7% y/y, continuing a slowdown from the 8.2% y/y recorded in May 2025.

Services inflation also moderated significantly, with prices rising 0.4% m/m and 6.1% y/y. In May last year, the segment showed a 15.9% y/y gain.

In transport, gasoline prices increased by 0.6% m/m and 12.0% y/y.

Propane prices climbed 1.9% over the month and were 22.1% higher than a year earlier, with the highest observed retail price reaching UZS 7,200 per litre. Methane prices edged up 0.2% m/m and 0.9% y/y.

Looking at passenger transport services, prices increased for:

• Tram travel: +15.5% m/m and +15.5% y/y
• Taxi services: +1.0% m/m and +5.0% y/y
• Intercity bus transport: +1.0% m/m and 7.8% y/y
• City buses: +0.5% m/m +14.6% y/y

Meanwhile, long-distance rail fares declined by 0.3% m/m but remained 13.0% higher than a year earlier, while airfares fell 1.3% m/m and were 6.6% lower than in May 2025.