Monthly inflation surges in May, but annual rate drops to lowest in a year

Consumer prices in Uzbekistan rose by 1.5% in May, according to a report by the National Statistics Committee.

Monthly inflation more than doubled compared to April, reaching the highest level since June of last year. Since the beginning of 2025, prices have increased by 4.4%, with an average monthly rate of 0.9%, compared to 0.7% over the same period in 2023 and 1.1% in 2024.

At the same time, annual inflation dropped to 8.7%, marking its lowest level in the past 12 months. The effect of the high base caused by the increase in energy tariffs in May 2024 has now faded.

Thanks to seasonal factors, food prices fell by 0.8% in May, helping to ease overall consumer price growth. Year-on-year, food inflation stood at 6.5%, almost 1 percentage point higher than in May 2024.

Vegetables and legumes became significantly cheaper due to the arrival of the new harvest, falling by an average of 10.7%. The sharpest price drops were recorded for cucumbers (-61%), tomatoes (-27%), and cabbage (-14%). However, carrots rose in price by 15%.

Other food products also showed price decreases: eggs (-4%), rice (-0.5%), poultry meat (-0.3–0.5%), and milk (-0.2%). In contrast, sugar prices rose by 2.2%, and vegetable oil went up by 4%.

The average price increase for non-food goods accelerated to 1.7% in May and reached 8.2% over the past 12 months. Notably, liquefied gas for households rose by 25%, and methane for vehicles surged by 27%.

Paid services made the largest contribution to overall inflation, increasing by 5.9% in May and by 15.9% year-on-year. The key driver was the average 18.8% hike in electricity tariffs, alongside a 39.2% rise in gas prices.

In the transport sector, prices increased by 1%, primarily due to higher costs for automobile transport (+2.4%) and rail transport (+0.1%). Meanwhile, domestic airfares dropped by 5.4% following the revision of Uzbekistan Airways’ pricing structure.