BAKU, Azerbaijan, November 4. Uzbekistan’s
Central Bank has kept its key policy rate unchanged at 14% per year
and forecast inflation of around 7% by the end of 2026, citing
persistent price pressures from strong domestic demand and
volatility in global food and energy markets, following a decision
made by the Central Bank's Board at a meeting on Wednesday,
November 4.
According to the Central Bank of Uzbekistan, annual inflation
stood at 6.4% in September, while core inflation reached 5.5%.
Inflation expectations have continued to decline, although strong
domestic demand remains a factor sustaining price pressures.
The Central Bank also noted that volatility in international
food and energy markets is increasing inflationary risks.
According to the regulator, positive real interest rates and the
continued attractiveness of savings in Uzbek soums are helping
maintain tight monetary conditions.
The Central Bank expects inflation to reach around 7% by the end
of 2026 before declining to its target level of 5% by the end of
2027.
Meanwhile, Uzbekistan's economy expanded by 8.3% in
January–September 2026, reflecting strong economic activity and
domestic demand.
Inflationary trends in Uzbekistan have shown signs of moderation
in 2026, although price pressures remain across several segments of
the consumer market. Annual inflation stood at 6.2% in August
before reaching 6.4% in September, while core inflation remained at
5.5%. Earlier in the year, higher food prices, adjustments to
regulated energy tariffs and increases in service costs contributed
to inflationary pressures. The Central Bank continues to monitor
domestic demand and external price fluctuations as key factors
affecting the country's inflation outlook.
