Tashkent, Uzbekistan (UzDaily.com) -- The inflation rate in Uzbekistan from January to July 2024 reached 4.9%, according to the State Statistics Agency. 

In July 2024, the seasonal factor continued to influence the short-term reduction in inflation. The Composite Consumer Price Index (CPI) for the month was recorded at 99.7%.

For the first seven months of 2024, the Composite CPI reached 104.9%. On an annual basis (compared to July 2023), this figure stood at 110.5%.

In July 2024, the CPI for goods decreased by 0.6% to 99.4%, while the CPI for services slightly increased to 100.5%. Notably, the CPI for food products was recorded at 98.5%, for non-food items at 100.7%, and for paid services to the population at 100.5%.

The CPI for the January-July 2024 period was notably lower than the same period in 2023 for sections like "Restaurants and Hotel Services" (105.2% compared to 111.9%) and "Food and Non-Alcoholic Beverages" (96.3% compared to 102.7%). Conversely, sections like "Housing, Water, Electricity, Gas, and Other Fuels" (135.8% compared to 102.4%) and "Healthcare" (115.2% compared to 106.2%) saw significantly higher inflation rates compared to the previous year.

The seasonal decrease in prices for fruits and vegetables was a major factor in the lower CPI for July 2024, reducing the overall index by 0.86 percentage points. The prices of various food products, especially fruits, nuts, and vegetables, were the most significant contributors to this reduction.

Inflation in the "Alcoholic Beverages and Tobacco" section showed short-term CPI variations from 100.10% to 101.50%, with the annual CPI for these products ranging from 106.1% to 112.7%.

Clothing and footwear also saw varied inflation rates, with the short-term CPI ranging from 99.9% to 104.3% in July 2024.

The report concludes by highlighting the short-term CPI variations in construction materials and housing repair services, with notable increases in hot water supply (102.6%) and heating tariffs (103.2%) across the republic, while other utility tariffs remained unchanged.

The short-term Consumer Price Index (CPI) for July 2024 in Section V, covering "Household Items, Appliances, and Home Maintenance," ranged from 99.7% (heaters, air conditioners) to 102.5% (furniture repair and installation, household items, and plush carpets). Additionally, a decrease in prices was observed for light bulbs (99.7%), small household appliances (99.8%), and porcelain and glassware (99.9%).

The short-term CPI for goods and services in Section VI for July 2024 ranged from 100.1% (syringes) to 102.9% (vasodilators). The CPI for January to July 2024 in this section varied from 103.2% (vision aid products) to 122.0% (antibiotics). The annual CPI for July 2024 ranged from 107.3% (vision aid products) to 123.8% (antibiotics).

In July 2024, propane prices rose by 3.8%. The CPI for gasoline fell below 100%, reaching 99.3%, while methane prices remained unchanged from June 2024. The cost of suburban train travel increased by 3.4%, long-distance train travel by 2.5%, domestic air travel by 0.6%, and international air travel by 0.9%.

Prices and tariffs in the information and communication sector for the population remained relatively stable throughout July 2024.

The short-term CPI for goods and services in Section VIII fluctuated between 99.7% (miscellaneous equipment for receiving, recording, and reproducing sound and images) and 101.4% (repair of information and communication equipment).

The CPI range compared to December 2023 was from 95.7% (mobile communication services) to 105.6% (repair of information and communication equipment), and compared to July 2023, it ranged from 93.9% (mobile communication services) to 115.0% (fixed-line subscription fees).

In July 2024, the short-term CPI range for Section IX was 98.3% (A4 paper) to 107.10% (park and recreation services).

For the January-July 2024 period, the upper boundary of the CPI in this section reached 126.7% (monthly magazine), and the lower boundary was 91.3% (A4 paper). A price decrease of 0.4-0.8% over the seven months of this year was also recorded for certain types of stationery (notebooks, drawing albums, paints).

Throughout July 2024, there were no significant price changes in the education sector. Private preschool services increased slightly by 0.1%. Prices for courses and tutoring services rose by 0.5-0.8% during the same period, while prices for other services remained unchanged from June 2024.

The short-term CPI for ready-made food in cafes, canteens, cafeterias, and snack bars in July 2024 was 100.7%. Compared to December 2023 and July 2023, prices for certain food and beverage services increased by 4.3-4.5% and 11.1-13.0%, respectively.

The CPI for leisure center services in July 2024 was 100.5%. For January to July 2024, this figure reached 116.5%, and compared to July 2023, it was 118.3%.

The average price level for insurance services in July 2024 remained unchanged both compared to the previous month and to December and July 2023.

In the financial services sector, there was a decrease in the cost of banking services, with a monthly CPI of 99.7%. Prices for money transfer services through electronic payment systems increased by 4.6% during the month.

Compared to December 2023, prices for financial services increased by 0.1-3.0%, and compared to July 2023, by 0.6-10.1%.

The short-term CPI range for July 2024 for goods and services in Section XIII was 100.0% (legal services, shaving cream, foam, and gel) to 105.8% (funeral services).

The most significant contribution to the change in the aggregate CPI for the month came from Section I, "Food and Non-Alcoholic Beverages." Price decreases in this section contributed to a reduction in the short-term aggregate CPI by 0.70 percentage points.

Price changes in housing services, water, electricity, gas, and other fuels contributed 4.30 percentage points to the aggregate CPI growth for July 2024 compared to December 2023. A restraining factor was the decrease in prices for food and non-alcoholic beverages, as well as in the information and communication sector (a combined -1.60 percentage points). The impact of other sections was less significant.