Uzbekistan’s annual inflation eased to 7.3% in December from 7.5% in November, according to the national statistical committee.

A year ago, headline inflation stood at nearly 9.8%.

The December figure is in line with the Central Bank of Uzbekistan’s (CBU’s) latest year-end forecast.

Monthly inflation in December accelerated slightly to 0.9%, although it was still 0.1 pp lower than the figure seen in December 2024. 

The highest monthly inflation in December was recorded in the Khorezm region at 1.1%, followed by Tashkent, Andijan and Namangan at 1%. 

On an annual basis, prices increased the most in the Fergana region and Karakalpakstan, both at 7.7%.

The lowest annual inflation was observed in Jizzakh region at 6.7%. 

In Tashkent city and the surrounding Tashkent region, the inflation rates were slightly below the national average, at 7.1% and 7.2%, respectively.

Food prices rose by 1.5% m/m in December, the fastest pace recorded since March. They also increased by 5.5% y/y. 

Non-food goods prices increased by 0.3% m/m and by 5.1% y/y, down from 7.7% y/y in December 2024. 

Gasoline prices rose by 2.4% m/m in December and by 11.9% over the year. 

Propane, or LPG, prices increased by 1.3% m/m but remained 10.5% cheaper than a year earlier, while methane prices were unchanged in December but were around 30% higher year on year.

Pharmaceutical prices increased by 0.2% m/m and by 4.6% y/y. 

In the services sector, prices rose by 0.7% m/m and by 13.9% y/y, remaining well above headline inflation. 

Over the year, average housing and utilities tariffs rose by 17.1%, driven by sharp increases in network gas (+39.2%), water supply and sewerage (+35%), waste removal (+32.5%), liquefied gas (+25%) and electricity (+18.8%).

Passenger transport costs continued to climb. Airfares increased by 2% m/m and by 21.7% y/y, city bus fares rose by 3.2% m/m (21.1% y/y) and commuter train fares increased by 5.9% m/m (10.1% y/y).