Why is this important
This can signal a slowdown in price pressure in the economy, provide a space for monetary policy measures to ease, and increase confidence in macroeconomic stability among businesses and the population.
What happened
- According to the results of September, the CPI increased by 0.6% compared to August.
- In annual terms, the index was 108.0% (i.e., price growth by 8.0%) — a decrease of 0.8 p.p. per month and 2.5 p.p. by September 2024.
- In the first 9 months of 2025, inflation was 5.1%, which is 1.6 percentage points lower than last year’s level.
- Without food — 0.5% per month, in annual terms — up to 8.9%.
- Food prices increased by 0.6% over the month, industrial goods and services — by 0.3%.
- In some regions, the dynamics were above average: in Karakalpakstan — 0.8%; in the Fergana region, annual inflation was 8.9%.
What they say
The National Statistics Committee emphasizes that the decrease in inflation is a result of the weakening of prices for non-food goods and services.
Context
The Central Bank’s website shows that in August, annual inflation was 8.8%. At the beginning of 2025, inflation remained above target levels of 9-10%, which forced the authorities to tighten policy. Reducing inflation to 8% opens the way for discussions about lowering key interest rates or other incentives if the situation continues to stabilize.
