Central Bank Deputy Chairman Nodirbek Achilov stated at an open discussion on February 26 that Uzbekistan's inflation rate remains high but is trending downward. Inflation was 20% in March 2020 and has now decreased to 7.3%.

In 2025, the average price increase for non-food goods, which account for 30-32% of the consumer basket, was below 5%, with prices for nearly 60% of these goods declining. Achilov noted that such a significant price drop within a major product group had not been observed before.

The Central Bank expects inflation to fall to a target of 5% by 2027. Achilov explained, "If inflation drops to 5%, we will become competitive and achieve positive results across many indicators."

He clarified that perceived inflation varies based on individual income and consumption baskets. Official inflation is calculated by monitoring 20,000 households and 512 product types.

Rising utility prices also pressure inflation. The government has developed a decision to increase electricity and gas tariffs no higher than the inflation rate.

In 2025, Uzbekistan's inflation was 7.3% (9.8% in 2024), the lowest rate in nine years. Monthly inflation in January was 0.7%.

Source: www.gazeta.uz