Consumer prices inflation in Uzbekistan makes up 14.4% in 2017

Tashkent, Uzbekistan (UzDaily.com) -- Consumer prices inflation in Uzbekistan made up 14.4% in 2017, the press service of the State Statistics Committee of Uzbekistan said.

In 2017, food products became more expensive by 15.9%, non-food - by 16.1% and services - by 8.6%.

With an average monthly increase in consumer prices of 1.1%, the most significantly the prices grew in November and December 2017 (2.0% and 2.7% per month), the minimum was the price increase in June and July (by 0.3% and 0.4% per month).

The committee said that devaluation and liberalization of national currency led to an acceleration in the rate of inflation and affected overall growth of prices for goods and services.

In particular, in the first half of 2017, consumer prices rose by 5.2%, but only in the last four months of the year (from September to December 2017), the price increase was 7.6%.

This is connected with growth of prices for imported goods and production costs by domestic producers. The retail prices for cars, produced in Uzbekistan, rose by 1.5 times on average.

The increase in gasoline prices in November 2017 by 39.7% led to an increase in the consumer price index (CPI) by 0.5 percentage points. It should also be noted that, as practice shows, the increase in prices for gasoline indirectly affects the appreciation of other goods and services (due to increased costs of their production and transportation).

The increase in tariffs for housing and communal services by 7.1% had an impact on the level of inflation, providing an increase in the CPI by 0.4 percentage points.

The slowdown in inflation in the summer months is mainly due to seasonal trends and saturation of the market with fruit and vegetable products of the new harvest, which led to a decrease in prices for fruits and vegetables (in June - by 13.8%, July - by 14.9%, August - by 4.6%).

As noted above, food products for the year became more expensive by an average of 15.9%, which ensured a total increase in the CPI by 6.9 percentage points.

The dynamics of price changes by months during the year was uneven: in connection with the seasonal trends in June and July, food prices decreased by 1.0% and 0.7% per month, while the peak in prices was registered in December 2017 (4.4% a month).

In 2017, prices for beans increased by 42.4%, eggs - by 36.1%, beef - by 35.9%, peas by 33.2%, poultry meat by 33.1%, lamb - by 31.4%, sugar by 28.8%, margarine by 21.3%, milk by 20.6%, butter by 19.9%, cottage cheese by 18.5%, coffee and tea - by 17.0%, rice by 16.2%, vegetable oil by 15.3%, cheeses by 15.1%, confectionery by 14.0%, flour by 10.4%.

The gap between the highest and the lowest price of beef between the regions of the republic was 1.3 times, lamb - 1.5 times, rice - 2.0 times, potatoes - 1.3 times.

Non-food products for 2017 went up by 16.1%, which led to an increase in the CPI by another 5.7 percentage points.

About 4.0 percentage points or 27.4% of the total CPI increase is associated with higher prices for clothing, footwear, textiles and household textiles, building materials, cultural goods, personal care products, personal transport and gasoline.

Prices and tariffs for services for the population of the country increased by an average of 8.6% over the year, which led to an increase in the consolidated CPI by 1.8 percentage points.

The main inflation factors in this area were tariff increases for communication services - by 23.9%, legal and banking services - by 15.0%, households - by 8.3%, housing and communal services by 7.1% passenger transport services - by 6.9%, which affected the growth of the CPI by 1.4 percentage points.(share of influence is 9.9%).

According to the IMF, inflation in the republic in 2018 will be 14.3%. The Central Bank of Uzbekistan forecasts inflation in the range of 11.5-13.5% in 2018.

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