Uzbekistan’s annual inflation hits 10.5% in August ’24

Uzbekistan’s annual inflation rate reached 10.5 per cent in August 2024, as reported by Uzbek media on Tuesday.

The report highlighted that food prices increased by 2.8 per cent year-on-year, while non-food items saw an 8.6 per cent rise. Services experienced the most significant surge, rose by 27.6 per cent.

For context, Uzbekistan’s annual inflation was nine per cent in 2023, 12.3 per cent in 2022, and 11.1 per cent in 2021.

In July, the Central Bank of Uzbekistan lowered its key interest rate from 14 per cent to 13.5 per cent in an effort to support economic growth amid these inflationary pressures.

Attribution: Xinhua

Subediting: M. S. Salama