Uzbekistan's inflation slowed to 7.1% in March, according to official data. However, the Central Bank decided to keep the key interest rate unchanged at 14%, citing a slowdown in the disinflation trend and persistently high price growth for essential food items.

At a press conference on April 29, Central Bank Chairman Timur Ishmetov explained the decision. He stated that the board meeting focused solely on whether to maintain the current rate. “Overall and core inflation continue to decline, which is a positive trend. However, the pace of decline has slowed, and for some goods, especially food products important to the population, price growth remains above overall inflation,” Ishmetov said.

The chairman emphasized that while inflation stands at 7.1%, the key rate remains high. Responding to questions about why conditions for a rate cut have not been created, he noted that the positive trend has decelerated and, given external risks, the board decided to keep the rate unchanged.

For reference: The Central Bank last raised the key rate by 0.5 percentage points on March 20, 2025. Since then, the rate has remained steady.

Source: kun.uz