Uzbekistan's annual inflation eased to 6.4% in September, core inflation at 5.5%
The Central Bank said inflation fell from 8% a year earlier but warned that price pressures persist, keeping monetary policy tight.
Uzbekistan's annual inflation stood at 6.4% in September 2026, with core inflation — excluding volatile price components — at 5.5%, according to the Central Bank. The figures were announced by Zarina Nurberdiyeva, head of the Central Bank's public relations and communication policy department, at a briefing on October 21.
A continuing decline
Inflation continues on a downward trend, Nurberdiyeva said: a year earlier, in September 2025, annual inflation was 8%. At the same time, the Central Bank noted that the share of goods and services with annual price rises above 5% has widened, indicating that price pressures remain.
Demand factors
The Central Bank listed several factors driving aggregate demand: higher investment activity, rising household incomes, stronger remittance inflows, substantial budget spending and rapid growth in non-gold exports. Lending growth, it said, is gradually approaching an optimal level.
Risks and target
External risks include high global prices for raw materials, food and energy, while domestic risks include the ongoing liberalization of regulated prices. The Central Bank considers it necessary to keep monetary conditions tight and aims to bring annual inflation down to 5% by the end of 2027.
Context
In April 2026, annual inflation fell to 7%, then the lowest level in a decade. The bank had earlier projected inflation of 6.5% by the end of 2026; the September reading of 6.4% is slightly below that forecast.
