Uzbekistan Inflation Slows to 5.5% in May 2026

Tashkent, Uzbekistan (UzDaily.com) — Consumer inflation in Uzbekistan slowed to 5.5% year-on-year in May 2026, according to the latest macroeconomic data released by the Central Bank of the Republic of Uzbekistan.

The Central Bank said the decline in inflationary pressure was driven by deflationary trends in the services sector, as well as base effects from previous periods exiting the calculation.

The most notable slowdown was recorded in the services sector, where annual inflation fell to 6.1% compared with significantly higher levels in mid-2024. The Central Bank said this was linked to a gradual stabilization of consumer demand and market saturation.

Key macroeconomic indicators for May 2026 showed mixed dynamics.

Annual core inflation stood at 5.7%, while food inflation was 6.7%, regulated prices inflation was 5.9%, and non-food inflation was 3.7%.

Despite the overall decline, core inflation showed a slight month-on-month increase. At the same time, the regulator noted a steady trend toward macroeconomic stabilization.

The Central Bank also highlighted a slowdown in the growth of regulated prices, linked to the completion of earlier tariff reforms. This, it said, reduced overall pressure on the consumer price index.

In the food sector, volatility remained relatively high. Prices for fruits and vegetables rose by 2.6%, driven by seasonal factors and domestic logistics costs.

The decline in inflation to 5.5% brings the indicator closer to the long-term targets of monetary policy.

Experts say the sustainability of the current trend could create conditions for a potential easing of monetary policy in the medium term.