Central Bank expects Uzbekistan’s inflation to fall to 5% in 2027
The Central Bank expects inflation in Uzbekistan to fall to 5% in 2027, bringing it to the government’s medium-term target after several years of higher price growth. The forecast is included in the bank’s updated Monetary Policy Review.
Central Bank expects Uzbekistan’s inflation to fall to 5% in 2027
Inflation is forecast to reach 6.5% by the end of 2026, down from 7.3% in 2025 and 9.8% in 2024. The Central Bank expects inflation to move toward the 5% target in 2027 and stay near that level from 2028.
The bank also projects Uzbekistan’s economy will expand by 7.5–8% in 2026, before easing to about 6–7% in 2028.
The Central Bank said relatively stable economic activity among Uzbekistan’s main trading partners is expected to bolster external demand for Uzbek exports and remittance inflows. At the same time, swings in energy prices and potential rises in logistics costs remain major external inflation risks.
The International Monetary Fund expects global economic growth to slow to 3% in 2026 before picking up to 3.4% in 2027. The IMF said geopolitical shocks and high energy costs are likely to dampen economic activity in the short term, while a gradual recovery in energy supplies and logistics chains could support growth next year.