In September 2025, the inflation rate in the Republic of Uzbekistan decreased by 0.8 percentage points and amounted to 8 percent year-on-year. This was reported in the Central Bank’s report.
The slowdown in inflation is being observed against the backdrop of the strengthening of the national currency – the sum – and the preservation of relatively strict monetary conditions. Inflation in food and non-food products decreased by 6.1 percent, which helped lower the overall indicator.
However, inflation in the services sector remains above average market indicators due to strong consumer demand. Core inflation also began to decline and amounted to 7 percent in September.
The Central Bank noted that the stabilization of the exchange rate is serving to stabilize prices, in particular, prices of imports and non-food products. In recent months, the share of goods and services with slowing price increases has grown.
According to the regulator's data, this shows that the price stabilization process is expanding. Public and business inflation expectations continue to decline, but they are still above current and forecasted indicators.
Taking these trends into account, by the end of the year, the Central Bank revised its inflation forecast to be around 8 percent. It should be recalled that earlier Russia’s VEB bank had forecast a 6.7 percent growth in Uzbekistan’s economy in 2025.
