Inflation in Uzbekistan is falling slightly

Inflation in Uzbekistan fell slightly in March. According to the National Statistics Committee, the annual inflation rate stood at 7.1 percent, down from 7.3 percent in February. Compared to the previous year, when inflation was still at 10.3 percent, this represents a significant slowdown in price growth.

On a monthly basis, inflation remained stable in March at 0.6 percent compared to February and was also lower than the figure for the same month last year. Core inflation, which excludes highly volatile components such as fruits and vegetables, also remained stable: it stood at 0.5 percent month-over-month and 7.8 percent year-over-year—significantly lower than a year earlier.

Over the entire first quarter of 2026, consumer prices rose by 1.9 percent, indicating moderate price pressure at the start of the year.

A closer look at the individual components reveals a mixed picture. Food prices rose by 1.2 percent in March compared to the previous month, following a 0.9 percent increase in February. At the same time, annual food inflation slowed significantly to 5.6 percent, compared to 7.6 percent in the previous year.

Prices for non-food items rose moderately by 0.3 percent month-over-month and by 5.3 percent year-over-year. Here, too, there was a slowdown compared to the previous year, when inflation stood at 7.4 percent.

Energy prices had a particularly dampening effect. Fuel prices fell by 0.9 percent month-over-month in March. Gasoline prices fell across all common grades, while liquefied petroleum gas (LPG) became 3.2 percent cheaper. Methane remained stable month-over-month but was still about 30 percent higher than the previous year’s level.

Overall, the trend suggests that inflationary pressure in Uzbekistan is gradually easing—even though individual price components remain volatile.