Uzbekistan’s annual inflation rate declines in June

Inflation in Uzbekistan slowed down in June, with the consumer price index (CPI) registering a 0.3% deflation, according to the State Statistics Committee of Uzbekistan, Turanews.kz reports.

The decrease in the CPI was due to a decline in the prices of food products, which fell by an average of 1.1% in June. Non-food products rose in price by 0.4%, and services by 0.2%.

Since the beginning of the year (in January-June), inflation has fallen to 3.45%. Annual inflation fell to 9.03%, the lowest since August 2016 (8.6%). Food products for the year on average became more expensive by 10.5%, non-food – by 7.9%, services – by 8%.

The deflation in June is a positive development for the Uzbek economy. It suggests that the government’s efforts to control inflation are working. The government has taken a number of measures to keep prices in check, including subsidizing the price of food and imposing a tax on imported goods.