The government of Uzbekistan has announced measures aimed at stabilizing the prices of basic consumer goods. This statement comes amid rising food and service prices in the country.
According to officials, this growth is much higher than the rate of inflation. At a press conference organized on October 24, Central Bank Board Chairman Timur Ishmetov provided an analysis of the economic situation.
According to him, although annual inflation had dropped to 8% in September 2023—the lowest rate since 2022—the prices of socially significant goods are rising at an alarming pace. In particular, over the course of the year, the price of beef increased by 23.2%, potatoes by 18.5%, and gasoline by 11.8%.
“Practical measures are being implemented with the relevant ministries and agencies to stabilize consumer goods and prices,” Ishmetov said. The head of the financial regulator emphasized the need to address the deep-rooted causes of inflation, especially problems on the supply side, in order to ensure long-term price stability.
The development of competition in the domestic market, the gradual reduction of tariff and non-tariff trade barriers, and the decrease in the concentration of imports have been identified as key directions. According to Ishmetov, special attention will be paid to ensuring the stability of energy supply and modernizing transport infrastructure.
This is expected to reduce logistics costs and have a positive effect on the final price of consumer goods. The Central Bank also announced long-term inflation forecasts.
By the end of 2026, the rate of price increases is expected to drop to 7%. The reduction of external inflationary pressure and the strengthening of confidence in the national currency will help achieve the targeted 5% indicator by 2027 and maintain it from 2028 onwards.
The Central Bank also highlighted positive changes with an infographic about September’s results. Specifically, the share of goods whose prices increased by more than 10% dropped from 18% in August to 14% in September.
Prices of 86% of the products in the consumer basket rose by less than 10%. However, the situation in the service sector remains complicated: roughly more than half of services saw price increases of 10% or higher.
A list was compiled showing the products and services with the highest annual price dynamics. The biggest growth was seen in the price of driving courses (+73.3%).
This was followed by carrots (+57.5%) and domestic air travel (+57.3%). The list concludes with lemons (+52.5%) and network gas prices (+39.2%).
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