February Inflation Rate Slows to 8.35% Annually
In February 2024, Uzbekistan recorded a record low inflation rate of 0.32%, the lowest in the last eight years, according to the Statistics Agency under the president.
This significant decrease in inflation marks a notable achievement compared to previous years, with rates ranging from 0.8% in February 2016 to 0.54% in February 2023. Annualized inflation also slowed to 8.35%, the lowest since June 2016.
In terms of price changes for different categories of goods and services, the price of food products increased by 0.2%, non-food products by 0.2%, and paid services by 0.7% in February. The Statistics Agency reported a decrease in the prices of essential goods such as eggs, sunflower oil, sugar, flour, beef, mutton, and rice, while the price of milk saw a slight increase.
The agency also noted significant increases in the annual price of milk, eggs, sugar, and rice, while some fruit and vegetable prices fluctuated. Additionally, there were price increases in alcoholic beverages, tobacco products, tariffs for water and sewerage, household waste removal fees, and various household appliances.
However, there were some price reductions, such as in the cost of medical masks and gloves, as well as certain transportation services like air and railway tickets. Prices for money transfer services through banks also saw a slight increase.
Overall, the month of February saw various changes in prices across different sectors of the economy in Uzbekistan. The fluctuating prices reflect a dynamic economic landscape influenced by factors such as currency volatility, supply and demand dynamics, and policy changes.
