Uzbekistan's 8.6% annual inflation in January lowest level in seven years

By bne IntelliNews February 4, 2024

Uzbekistan’s annual inflation in January fell to 8.58% y/y, the lowest figure recorded in seven years, according to the State Statistics Agency of Uzbekistan. In both November and December, the indicator reached 8.8% y/y. Inflation on an annual basis in the country has been slightly below or above 9% since June last year, when it fell from May’s 10.4%.

Monthly inflation in January was recorded at 0.64% m/m. Food prices moved up by 0.7%, non-food goods by 0.4%,and services by 0.9%. Among essential consumer commodities, sunflower oil prices decreased by 0.9%, flour by 0.5%, rice by 0.4% sugar by 0.3% and meat by 0.2%.

Vegetable prices saw some stronger gains: tomatoes by as much as 10.4%, onions by 3.8% and potatoes by 3.1%. The energy sector wasn't spared from inflationary pressures. Gasoline prices rose by 3.4% on average, and propane saw an average increase of 4.8%.

A silver lining was seen in mobile communication service prices. They remained constant or even showed a decrease by as much as 3.9% y/y.

The last time the country experienced a similar inflation rate was in August 2016, when it reached 8.7% y/y.

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