Uzbekistan’s Central Bank decided to keep the key interest rate unchanged at 14%, as the inflation rate in October and November fell to 8.8%, the lowest since August 2016.
“This decline is due to the impact of last year’s high rule, the low contribution of higher import prices, the incomplete impact of increased energy tariffs on legal entities, as well as the impact of relatively stringent monetary conditions,” Uzbekistan’s Central Bank said.
Under this scenario, inflation in Uzbekistan is expected to reach 8% in 2024.
Although core inflation has slowed since the beginning of the year and stopped at 9% in November, there have been increasing pressures on the prices of some goods, and achieving a sustainable downward trajectory will require a certain period of time.
At the same time, the inflation expectations of the population and businessmen continue to form at a level higher than the actual inflation rates, about 13–14%.
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