Headline inflation in Uzbekistan recorded at 12-month low of 10.4% y/y in May

Headline inflation in Uzbekistan recorded at 12-month low of 10.4% y/y in May
/ bne IntelliNews
By Muzaffar Ismailov in Tashkent June 1, 2023

Headline inflation in Uzbekistan was recorded at a 12-month low of 10.38% y/y in May, according to the national statistical agency.

In May, inflation was also 0.49% m/m, twice as low as the m/m rise recorded in May 2022. Year-to-date inflation was 3.76%, the lowest value seen in five years. Last year, January-to-May inflation was 5.5%.

In all three main consumer price categories—food, non-food products and services—prices in May moved up by around 0.5% m/m. Among food products, prices for fruits (2.1%), fish (2%) and meat (1.9%) rose the most . Vegetable prices fell by an average of 5.4%, while prices for fat-and-oil products declined by 0.9%.

May’s gasoline prices dropped by an average 1%, with  propane prices down 0.7%.

Medicines became more expensive, with prices growing by 1.4% (they were up by almost 17% since May 2022).

In services, prices have gained by 2.7% YTD. In May, they were up 8.6% y/y.

Housing rents only edged up 0.2% in May, with many Russians who departed Russia for Uzbekistan amid consequences of the Ukraine conflict moving on to another country. However the surge in rental prices that they drove last autumn can be seen in housing rents annual inflation of 23.7% posted for May.

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