Tashkent, Uzbekistan (UzDaily.com) --  In May 2024, the consolidated CPI for the month was 2.8%. The acceleration occurred against the backdrop of rising tariffs for electricity and gas for the population.

For January-May 2024, the consolidated CPI reached 5.5%. In annual terms (by May 2023), this figure was recorded at 10.6%.

In May 2024, the CPI for goods for the month was 99.0%, by December 2023 - 101.1%. In annual terms, this indicator was at the level of 105.6%.

The short-term CPI for food products in May 2024 was 98.0%. For nonfood products it reached 100.3%, paid services to the population – 115.2%. The CPI for January-May 2024 for food products was fixed at 100.0%, non-food products - 102.5%, services - 120.0%. The CPI for May 2024 in annual terms for food products was 104.2%, nonfood products - 107.5%, services - 127.0%.

Without taking into account changes in prices for fruits and vegetables, the short-term consolidated CPI for May 2024 amounted to 104.00%. By the level of December 2023, this indicator was fixed at 106.1%, and by May 2023 - 111.4%.

In the structure of growth in the short-term CPI for May 2024, the emphasis of influence predictably shifted towards price changes for services, which is due to the introduction of updated tariffs for electricity and gas for household consumers.

In the structure of the CPI for both January-May 2024 and the annual CPI for May 2024, the impact of changes in prices and tariffs for services was also predominant, amounting to, respectively, about 85% and 60% of the total impact.

In May 2024, the range of short-term CPI by section was from 97.80% (section I. “Food and non-alcoholic drinks”) to 128.5% (section IV. “Housing services, water, electricity, gas and others types of fuel").

The lowest CPI for January-May 2024 was recorded in SECTION VIII. "Information and Communication" (98,0%), the highest - in SECTION IV. "Housing Services, Water, Electricity, Gas and Other Fuels" (135%).

The annual CPI for may 2024 by SECTION ranged from 97.3% (SECTION VIII. “Information and Communication”) to 141.20% (SECTION IV. “Housing Services, Water, Electricity, Gas and Other Fuels”).

The average price level in Section I. "Food and Soft Drinks" is most significantly affected by the seasonal factor. The range of fluctuations in the shortterm CPI for may 2024 in the context of groups in Section I was between 82.7% and 101.7%.

The short-term CPI below 100.0% for the month was recorded in the groups "Vegetables, non-vegetables and legumes (82.7%)", "Milk, other dairy products and eggs" (95.7%), "Oils and fats" (99.3%) With the exception of the groups "Oils and fats" and "Soft drinks", the short-term CPI value for may 2024 in the remaining groups of Section I was below the may 2023 figure.

The CPI values for the main groups included in SECTION I. "Food and nonalcoholic beverages" for may 2024 ranged from 90.1% (vegetables, root crops and legumes) to 107.2% (fruits and nuts). The average price level for oils and fats and dairy products in May 2024 was lower than in December 2023.

With the exception of the groups "Oils and fats", "Prepared food and other food products", "Nonalcoholic beverages", the CPI value for January-May 2024 was lower than the same indicator for the corresponding period in 2023.

The influence of the seasonal factor became decisive for the CPI value for fruits and nuts, where the price increase since the beginning of the current year was more pronounced than in other SECTION groups. The saturation of the market with vegetable products from the new harvest allowed the CPI for vegetables, tubers and legumes to decrease to 90.1%.

In May 2024, the annual CPI value for the SECTION I groups fluctuated between 79.9% (“Vegetables, tubers and legumes”) and 129.3% (“Fruits and nuts”). With the exception of the “Fruits and nuts” group, the annual CPI value in may 2024 was lower than the same indicator for may 2023.

In May of this year, a decrease in prices was noted for such types of fruit and vegetable products as cucumbers, bell peppers, onions, eggplants, cabbage. Along with this, such fruits and vegetables as beets, apples, carrots, potatoes, etc. have become more expensive.

In May 2024, the seasonal decline in prices for vegetables, root crops and legumes, milk, other dairy products and eggs (in total -0.99 p.p.), as well as for oil and fat products (-0.02 p.p.) acted as a restraining factor. The total contribution to the growth of the short-term consolidated CPI among goods in Section I. "Food and non-alcoholic beverages" from meat products, fruits and nuts, as well as nonalcoholic beverages reached +0.11 p.p.)

Of the goods included in SECTION I, the most significant impact on the growth of the consolidated CPI for May 2024 by December 2023 came from changes in prices for fruits and nuts (+0.40 p.p.). A noticeable restraining effect was exerted by a decrease in prices for vegetables, root crops and legumes, milk, dairy products and eggs (in total –0.74 p.p.).

The most significant contribution to the growth of the consolidated CPI for may 2024 in annual terms was made by price changes for grain crops and cereal products, as well as for meat products (in total +1.03 p.p.). A downward effect was exerted by a decrease in prices in the groups "Oils and fats" and "Vegetables, root crops and legumes", due to which the consolidated indicator by may 2023 became lower by 1.16 p.p.

In May 2024, short-term CPI fluctuations in Section II. "Alcoholic beverages, tobacco products" ranged from 100.30% (spirits and liqueurs) to 101.60%(cigarettes). The CPI for may 2024 to December 2023 for alcohol and tobacco products ranged from 102.4% (other tobacco products) to 105.0% (cigarettes). The CPI in annual terms fluctuated from 108.2% (cognac) to 112.6% (cigarettes).

The range of the short-term CPI in May 2024 from section III. "Clothing and footwear" was in the range from 97.7% (Girls’ T-shirts) to 101.2% (shoe repair). The lower limit of the CPI for January-May 2024 for goods and services of section III was recorded at 98.1% (women’s fur hats), the upper limit – 104.7% (boys’ T-shirts). The CPI by May 2023 for goods and services of section III was in the range from 101.8% (Girls’ T-shirts) to 113.4% (dry cleaning services).

The short-term CPI for may 2024 from SECTION V. "Household goods, appliances and routine home maintenance" was in the range from 99.0% (frying pans) to 101.9% (carpet and rug cleaning services).

The short-term CPI range for goods and services included in SECTION VI for may of the current year was 100.1% (inpatient treatment and rehabilitation services) – 102.7% (bandages and similar dressings). The lower limit of the CPI for January-May 2024 for goods and services of SECTION VI was fixed at 101.3% (assistive products for vision), the upper limit – 117.2% (antibiotics). The annual CPI for May 2024 was in the range of 105.0-120.5%.

The cost of rail transport services increased in May 2024 due to an increase in ticket prices for long-distance trains by an average of 2.7%. in the republic. Air travel on monitored international routes became more expensive by an average of 1.8%, over the month, domestic ones - by 1.1%, which is due to the volatility of the national currency.

The level of prices and tariffs for the population in the sphere of information and communication did not undergo significant changes during may 2024. Fluctuations in the short-term CPI for goods and services of SECTION VIII were within the range from 99.8% (peripheral equipment and its consumables) to 101.1% (complex telecommunication services).

In may 2024, the short-term CPI range of Section IX was 96.4% (fresh flowers) – 103.60% (services provided by concert halls). The upper limit of the CPI for January-may 2024 in this section reached 126.7% (monthly magazine), the lower limit – 94.2% (A4 paper). The annualized CPI fluctuated within the range of 90% (A4 paper) – 127% (zoo ticket fees).

In the field of education, price increases in may 2024 were noted for the services of private PEOs in Tashkent and the Jizzakh region, tutors in the Kashkadarya and Khorezm regions, language and similar courses in the Khorezm region and the Republic of Karakalpakstan.

The short-term CPI for food and beverage services in May 2024 ranged from 100.3% (cafeteria services) to 101.30% (fast food services). The CPI for may 2024 to the previous month for accommodation services ranged from 100% (leisure center services) to 99.9% (hotels, hotel and similar services).

In May of this year, the average price level in the insurance sector did not change. In the financial sector, price fluctuations were recorded only for banking services, where the CPI for the month was 103.2%, and for money transfer services (100.4%). The key factors were the volatility of the national currency and changes in the tariff policy of a number of banks regarding the issue of Humo plastic cards.

In May 2024, the short-term CPI for goods and services included in Section XIII ranged from 99.90% (toothbrushes) to 103.6% (wedding rings made of precious metals). The CPI for May 2024 to December 2023 in this section fluctuated between 96.8% and 105.9%, and by May 2023, it ranged from 100.8%to 122.4%.

A significant contribution to the growth of the short-term consolidated indicator in may 2024 was made by price changes in housing services, water, electricity, gas and other types of fuel (+3.42 p.p.). Next come goods and services in the field of healthcare, household goods and services, miscellaneous goods and services, clothing and footwear, household items, household appliances and routine maintenance of housing (total contribution to the growth + 0.17 p.p.).

A restraining factor was a decrease in prices for food and non-alcoholic beverages, due to which the consolidated CPI for the month became lower by 0.90 p.p.

The contribution of price changes for housing services, water, electricity, gas and other types of fuel to the growth of the consolidated CPI for May 2024 to December 2023 reached 4.20 p.p, or more than 75% of the total impact of observed goods and services. The restraining factor was the decrease in prices for food and non-alcoholic beverages, as well as in the information and communication sector (in total -0.12 p.p.). The impact of other sections was less significant.