Perceived inflation in Uzbekistan hits 14.7% in December

In December 2024, the perceived inflation rate in Uzbekistan reached 14.7%, an increase compared to November’s 14.1%, according to the Central Bank's press service.

This marks the highest rate since February 2023, when perceived inflation stood at 14.9%. For comparison, the official annual inflation rate in December 2024 was recorded at 9.8%.

Across regions, the highest perceived inflation was reported in Tashkent (18.3%), while the lowest was observed in Khorezm (12.8%).

During the month, respondents most frequently cited significant price increases for meat, milk, gasoline and fuel, electricity, and natural gas. Additionally, the percentage of survey participants noting price hikes for eggs (15% in November compared to 29% in December) and public transport fares (19% in November to 27% in December) grew notably.

Households with incomes below 2 million UZS and above 7 million UZS reported relatively higher levels of perceived inflation.

Perceived inflation was most prominent among workers in the production sector, while it was comparatively lower among representatives of the service sector.

For context, the officially announced inflation rate reflects changes in the general price level of goods and services included in the Consumer Price Index (CPI), which is based on the consumption patterns of the majority of households. Perceived inflation, on the other hand, is shaped by the price changes of goods and services most frequently consumed in an individual’s or family’s daily life.

If the price of a regularly purchased item rises sharply, it tends to feel more significant than the price increase of items that are less frequently bought. Even if the regularly purchased item represents a small portion of the household budget (and is not excessively expensive), it can still create a stronger impression of rising prices.