Inflation in Uzbekistan in August was 0.5 percent

In Uzbekistan, the Consumer Price Index increased by 0.5 percent in August. This is stated in the information provided by the Statistics Committee

It is noted that since the beginning of the year, inflation has been 3.8 percent, which is the lowest in the last five years. Average monthly prices increased by 0.5 percent. Also, annual inflation grew slightly to 8.9 percent. For the first time in recent years, price increases have fallen below the 9 percent mark.

Food products stopped from getting cheaper and went to growth — this time increased by 0.6 percent per month. Price increases from the beginning of the year (3.7 percent) and for twelve months (10.6 percent) have remained minimal in recent years.

The strongest growth of food products was recorded in vegetables-3.7 percent per month. In particular, the pumpkin showed double growth. Everywhere, its price increased by more than a quarter for a month, while annual growth was 81.1 percent.

Also, products produced in August were valued at 0.4 percent, while prices only increased by 7.3 percent during the year. The growth in prices for clothes and shoes slowed to 0.1 percent, compared to last August, at 6.6 percent and 5.7 percent, respectively. Monthly growth for furniture was 0.2 percent, and annual growth was 6.5 percent.

In the field of services last month, prices recorded the highest — 0.7 percent. The increase compared to last August was the highest since 2019 (8.5 percent). At the same time, catering was valued at 1.1 percent (25.1 percent year-round), hotel services at only 0.1 percent (21.2 percent).

The central bank projected the inflation rate at the end of 2023 to be around 8.5–9.5 percent.

Annual inflation in 2022 was 12.3 percent. The rate was 9.98 percent in 2021, 11.1 percent in 2020, 15.2 percent in 2019, 14.3 percent in 2018, and 14.4 percent in 2017.

What is inflation itself? 

Inflation is understood as an increase (increase) in the overall level of valuation of goods and services in the country. Its main indicator is the change in consumer prices over a certain period. As a result of the rise in the general level of prices, a decrease in the purchasing power of the country's monetary unit (national currency) occurs. This, in turn, leads to the devaluation of the state monetary unit.