Inflation in Uzbekistan fell to 8.94% in July 2023, the lowest level in seven years, according to the country’s Statistics Agency. This is the first time since August 2016 that annual inflation has fallen below 9%, Turanews.kz reports.
The drop in inflation was driven by a number of factors, including a decline in food prices. Food prices fell by an average of 0.9% in July, while non-food prices rose by 0.3% and services prices rose by 0.5%.
Since the beginning of the year, inflation in Uzbekistan has decreased by 3.3%. The agency said that the decline in inflation is a positive trend and is a sign that the country’s economy is recovering.
During the year, food products increased in price by 10.7%, non-food products by 7.3%, and services by 8.2%.
