Inflation rate reaches 1.23% in September, food and fuel prices continue to rise

Uzbekistan recorded an inflation rate of 1.23% in September 2024, as reported by the Statistics Agency. Over the past nine months, from January to September, prices have increased by an average of 6.77%, while the annual inflation rate, measured from September 2023, remained stable at 10.46%, compared to 10.47% the previous month.

Food prices rose by an average of 1.4% in September, contributing to an annual increase of 2.4%. Non-food items also saw a price hike of 0.8%, marking an 8.4% rise over the year. Additionally, the cost of paid services increased by 1.5%, resulting in a significant 28.7% annual growth.

Meat prices have been particularly volatile, with beef prices rising by 3.1% in September, following a 5.3% increase in August. Similarly, lamb prices grew by 2.8%, compared to a 4.9% rise the previous month. Since the beginning of the year, beef prices have climbed by 11.3%, while lamb prices have increased by 11.9%.

The cost of pharmaceuticals also continued to surge, with prices rising by 1.2% to 1.9% in September. Overall, the sector has seen a 24.7% price increase since the beginning of the year.

In the energy sector, methane prices increased by 0.5% in September, contributing to a staggering 35.8% increase over the year. Gasoline prices also saw slight growth, with increases ranging from 0.2% to 2.4%, averaging out at 0.8%. This marks a 13.8% rise in fuel prices since January.

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