Uzbekistan’s annual inflation in July nudged up to 8.9%, according to the state’s statistical agency.

The figure compares to 8.7% in June and 10.5% in July 2024.

Monthly inflation turned negative for the second consecutive month, with consumer prices falling by 0.2%, mainly due to seasonal declines in food prices.

Over the first seven months of 2025, cumulative inflation reached 4%, slightly below the 4.9% registered in the same period last year.

In the food sector, prices dropped by 1% in July. The largest declines were recorded for fruits and nuts (more than -9%) and vegetables, tubers and legumes (-4.8%).

Smaller declines were observed for dairy and eggs (-0.8%) and grain products (-0.1%). However, meat prices rose by nearly 2% during the month.

Annual food inflation accelerated to 6.5%, up from 2.9% in July 2024.

Prices for non-food goods rose by 0.2% m/m and 7.1% y/y, with clothing and footwear up 4.4% annually and household appliances rising 4.9%.

In the services sector, prices increased by 0.9% m/m and 16.3% y/y. Services continued to be the largest contributor to overall inflation.

The main drivers in services were rising tariffs for public utilities. Housing and communal services prices rose by an average of 7.5% nationwide.

Water supply tariffs were raised in four regions, while waste disposal fees increased in Navoi and Samarkand. 

Apartment maintenance costs climbed in Jizzakh, Kashkadarya and Fergana.

Earlier, the Eurasian Development Bank (EDB) projected inflation in Uzbekistan will ease to 8.1% by year-end, before declining to 6.8% in 2026 and 5.4% in 2027, supported by a consistent and moderate monetary policy.