Inflation Rate Reaches 1.23% in September with Rising Food and Fuel Prices
Uzbekistan’s Inflation Rate Reaches 1.23% in September 2024
The Statistics Agency of Uzbekistan has reported that the country recorded an inflation rate of 1.23% in September 2024. This increase has contributed to an average price hike of 6.77% over the past nine months, from January to September. The annual inflation rate, measured from September 2023, remained stable at 10.46%, just slightly lower than the 10.47% rate from the previous month.
Food prices saw an average increase of 1.4% in September, leading to a 2.4% rise over the year. Non-food items also experienced a price hike of 0.8%, resulting in an 8.4% increase annually. Additionally, the cost of paid services increased by 1.5%, marking a significant 28.7% growth over the year.
Meat prices have been particularly volatile, with beef prices rising by 3.1% in September and lamb prices growing by 2.8%. Since the beginning of the year, beef prices have climbed by 11.3%, while lamb prices have increased by 11.9%.
Pharmaceutical prices also continued to surge, with a 1.2% rise in September, leading to a total sector price increase of 24.7% since the start of the year.
In the energy sector, methane prices increased by 0.5% in September, contributing to a significant 35.8% rise over the year. Gasoline prices also saw slight growth, ranging from 0.2% to 2.4%, with an average increase of 0.8% leading to a 13.8% rise since January.
These inflation rates reflect the current economic conditions in Uzbekistan and may have implications for consumers and businesses alike in the coming months.
