Uzbekistan records 0.1% monthly deflation as annual inflation holds at 6.4%

Uzbekistan experienced a 0.1% monthly deflation in July 2026, primarily due to a seasonal drop in food prices, while its annual inflation rate remained at 6.4%, consistent with June's figure, as reported by the National Statistics Committee.

The annual consumer price index reached 106.4%, marking a 2.5-percentage-point decrease from July 2025, when annual inflation was 8.9%. Food prices saw an average decline of 0.91% during the month, counteracting a 0.3% increase in non-food prices and a 0.5% rise in the cost of paid services.

Seasonal agricultural products registered the most significant monthly price reductions. Eggplant prices dropped by 42.8%, followed by bell peppers at 39.4%, tomatoes at 24%, watermelons at 20.3%, and potatoes at 18%. Prices also decreased for melons, peaches, cucumbers, garlic, pears, grapes, apples, bananas, and eggs.

Conversely, several essential food items saw price increases. Carrot prices went up by 12.6%, while long-grain rice rose by 6.4% and round-grain rice by 6.1%. Mung beans became 4.2% more expensive, and onion prices increased by 1.7%.

In the non-food sector, fuel prices were a primary contributor to inflation. AI-98 and AI-100 gasoline prices climbed by 10%, AI-95 by 8.5%, and AI-92 by 3.9%. Service costs also continued their upward trend, with household waste collection fees increasing by 2.7%, mobile communication services by 2.4%, and urban bus fares by 1.4%.

The National Statistics Committee stated that these calculations were based on over 2 million price observations gathered from more than 10,000 retail and service establishments. The monitoring encompassed 419 categories of food and non-food products and 98 types of services.

Previously, Uzbekistan's annual inflation stood at 6.4% in June, as higher costs for electricity, natural gas, coal, transport, and fuel offset seasonal reductions in fruit and vegetable prices. Monthly consumer prices increased by 0.6% during that month.

Following these developments, the Central Bank of Uzbekistan maintained its key interest rate at 14%, keeping its monetary policy unchanged while projecting economic growth of 7.5–8% for 2026.