Uzbekistan: Central Bank Says Some Prices Are Falling as Inflation Slows

On November 4, Nodirbek Achilov, deputy chairman of the Central Bank of Uzbekistan, said the growth of most prices in the consumer basket is slowing. Speaking at a press conference on the key rate and monetary policy for 2027–2029, he answered a journalist's question and rejected the view that prices almost never fall once they rise. He said the share of the 517 basket items whose price growth was accelerating fell from about 45% in June 2025 to 22–25% now.

Achilov cited vegetable oil, which reached 30–35 thousand soums per litre after the pandemic but now sells at 18–19 thousand and 22 thousand soums. He linked such changes to economic openness and competition, including new taxi aggregators that forced larger firms to revise their fares. Food prices remain harder to control: in some categories, price growth reaches 8–10%, and increasing meat supply takes time.

Central Bank data show annual inflation reached 6.4% in September 2026, up from 6.2% in August but down from 8% a year earlier. The bank kept the key rate at 14%, citing strong domestic demand and inflation risks, and expects inflation to approach its 5% target in the second half of 2027.