Uzbekistan’s Inflation Rises Above 10% Annually in February
Uzbekistan’s Monthly Inflation Reaches Highest Level Since 2023
Uzbekistan experienced a monthly inflation rate of 0.54% in February, the highest recorded for this month since 2023. The annual inflation rate also rose to 10.13%, with the steepest price increases seen in vegetables, meat products, propane, and railway and airline tickets.
Compared to the previous year, annual inflation increased by 1.78 percentage points, although it remained lower than the 12.23% recorded in 2023. In February 2024, monthly inflation was at 0.32% for reference.
Food prices in February rose by 0.6%, contributing to a 1.4% increase since the beginning of the year. Annual food inflation slightly accelerated to 2.9%, the lowest level in the past five years.
Vegetable prices saw a surge of 5.4% over the past month, with meat products becoming 2.1% more expensive. Conversely, the prices of wheat flour (-5%), rice (-3.9%), and dairy products (-2.4%) experienced significant drops, especially eggs (-12%). There was also a slight increase in the prices of fish and seafood (+0.7%), oils and fats, ready-made foods (+0.4%), and non-alcoholic beverages (+0.3%).
Tomato prices skyrocketed by more than 30%, while cabbage and cucumbers experienced price hikes of over 17%. Prices for bell peppers (+9.2%), lemons (+4.1%), and eggplants (+4%) also increased. However, the cost of potatoes decreased by almost 14%, and bananas dropped in price by 4%.
On an annual basis, the highest price increases were seen for potatoes (+46.8%), cabbage (+37.5%), carrots (+29.4%), sunflower oil (+19.4%), lamb (+18.5%), and beef (+14.8%). Meanwhile, eggplant prices nearly halved compared to February last year, and bell peppers and eggs became more than 30% cheaper. Prices of lemons and tomatoes fell by a quarter, cucumbers by 18.2%, and apples by 15.2%.
Inflation in the non-food sector remained at 0.3% in February, with an annual rate of 7.7%. Clothing, footwear, and furniture prices rose by 0.3%, 0.2%, and 0.1% over the month, respectively (5.3%, 4.8%, and 4.4% annually). Household appliances increased in price by 0.3% over the month (5% annually), while medicine prices rose by 0.8% (25.9% annually). Prices for electronics, including mobile phones, remained unchanged in February (up 2% over the year).
Propane prices rose by 4.3% in February, with an annual increase of 11.3%. Gasoline prices grew by 0.2% over the month and 2.9% over the year. The state-regulated price of methane remained unchanged (up 20.9% over the year).
The monthly growth rate of paid services reached its highest level since 2021 at 0.8%. On an annual basis, service price growth accelerated to 27.1% in February, remaining significantly higher than last year’s figures—largely due to spring energy tariff increases.
Restaurant and café prices increased by 0.6% over the month, while hotel prices rose by 0.1%. Over the year, prices in the hospitality sector increased by 12% and 10.3%, respectively. Rental housing became 0.5% more expensive in January and saw a 13.5% increase over the year. Train ticket prices rose by 4.5% (18.6% annually), and public transportation fares increased by 0.9% (12.1% annually). Meanwhile, airline ticket prices surged by 22.4% over the month, with an annual increase of 23.2%.
