Uzbekistan’s Inflation Falls to 8% as UZS Strengthens

Uzbekistan’s inflation fell to 8% in September 2025, down 0.8 percentage points from the previous month, the Central Bank reports. The slowdown was driven by the stronger soum and tight monetary policy.

Food and non-food inflation eased to 6.1%, helping to reduce overall prices, though service inflation stayed high due to strong consumer demand. Core inflation also declined to 7%.

The regulator noted that the firm exchange rate supported price stability, particularly for imported goods. A growing share of goods and services is now showing slower price growth, signalling broader price stabilisation.

Inflation expectations among households and businesses are gradually falling, but remain above current levels. The Central Bank revised its year-end inflation forecast to around 8%.

Uzbekistan’s Central Bank also reports steady economic growth of around 7–7.5% for 2025, supported by strong investment and consumer demand.