Tashkent, Uzbekistan (UzDaily.com) — In March 2025, the consolidated Consumer Price Index (CPI) for the month stood at 100.9%, compared to 100.5% in February 2025 and 100.7% in March 2024, according to the National Statistics Agency.

For the January–March 2025 period, this figure reached 102.1%, up from 101.7% in the same period of 2024. During the first quarter of 2025, the annual CPI increased by 0.5 percentage points, while over the past 12 months, it rose by 2.3 percentage points, from 108.0% to 110.3%.

The average monthly growth of the consolidated CPI for January–March 2025 was 0.7%. In March, the growth rate exceeded this figure by 0.2 percentage points. Short-term CPI values above the national average were recorded in Jizzakh, Navoi, and Surkhandarya regions. A higher-than-average increase in prices for the first quarter of 2025 was observed in the Republic of Karakalpakstan, Kashkadarya, Navoi, Samarkand, Surkhandarya, and Tashkent regions, as well as in the city of Tashkent. The annual CPI for March 2025 also exceeded the national average in the Republic of Karakalpakstan, Bukhara, Kashkadarya, Surkhandarya, and Tashkent regions, as well as in Tashkent city.

In March, food inflation outpaced other categories. The CPI for food products stood at 101.5%, while non-food items and services registered 100.2% and 100.7%, respectively. Compared to March 2024, the short-term CPI for food products in March 2025 was 0.7 percentage points higher, largely due to rising prices for meat and fat-and-oil products. In contrast, these categories had seen a price decline in the first quarter of 2024.

The short-term CPI for non-food products remained relatively stable throughout the first quarter of 2025, reaching 100.2% in March. The average monthly increase in this category was 0.3%. The rise in service prices slowed slightly in March compared to the previous month (0.7% vs. 0.8%) and matched the rate observed in March 2024.

As of March 2025, the CPI for food products relative to December 2024 reached 102.9%. However, the annual CPI for this category decreased by 4.2 percentage points between March 2024 and March 2025, from 107.8% to 103.6%. Non-food items saw a less pronounced price increase in the first quarter of 2025 compared to the same period in 2024 (100.8% vs. 101.1%). The CPI for services for January–March 2025 stood at 102.6%.

However, a significant increase in the price index in May 2024, driven by market reactions to tariff liberalization in the utilities sector, resulted in the annual CPI for March 2025 being 17.6 percentage points higher than in March 2024 (109.5% vs. 127.1%).

The short-term CPI across various expenditure categories ranged from 99.8% (Category XII: "Insurance and Financial Services") to 101.5% (Category I: "Food and Non-Alcoholic Beverages"). The overall index (100.9%) was exceeded in the categories of "Food and Non-Alcoholic Beverages" (101.5%), "Information and Communication" (101.8%), and "Restaurants and Hotel Services" (101.0%). A stabilizing factor was the relative price stability in education, healthcare, clothing, footwear, alcoholic beverages, and tobacco products, where monthly price growth did not exceed 0.2%.

Relative to December 2024, the upper boundary of the CPI reached 103.6% (Category X: "Education Services"), while the lower boundary was 100.1% (Category XII: "Insurance and Financial Services"). The annual CPI ranged from 102.2% ("Insurance and Financial Services") to 136.1% (Category IV: "Housing, Water, Electricity, Gas, and Other Fuels").

The short-term CPI for March 2025 was influenced by price changes in the following categories:

In "Food and Non-Alcoholic Beverages," the most significant price increases were observed in meat products (+6.1%), including beef (8.3–8.8%), lamb (9.1%), and minced meat (5.4%). In contrast, poultry prices rose modestly (0.1–0.6%), while live fish became 1.7% more expensive. Among other staple foods, butter prices increased by 1.1%, milk by 0.9%, and non-alcoholic beverages by 0.5%. Offsetting factors included price declines in rice (-2.3%) and wheat flour (-1.4%). Seasonal factors influenced fruit and vegetable prices, with fruits and nuts rising by an average of 0.1%. Vegetable, tuber, and legume prices increased by an average of 0.3%, with notable rises in carrots (+15.7%), tomatoes (+4.3%), bell peppers (+3.8%), cabbage and garlic (+2.6%), and onions (+1.9%). Price drops were recorded for cucumbers (-14.7%), potatoes (-3.7%), pickled vegetables, and tomato paste (0.1–0.7%).

In "Housing, Water, Electricity, Gas, and Other Fuels," waste collection fees increased in Surkhandarya, and maintenance fees for multi-apartment buildings rose in Tashkent and Syrdarya. Nationally, these tariffs increased by an average of 4.0%. A stabilizing factor was a 0.2% average decline in prices for home maintenance and repair materials.

In "Transport," the CPI for air passenger services reached 104.4% (103.9% for domestic flights and 104.8% for international routes), while road and rail transport services saw CPI values of 100.5% and 100.4%, respectively.

In "Information and Communication," the CPI increased due to a 3.5% rise in mobile service tariffs among observed operators and a 1.1% increase in bundled telecom services.

In "Household Goods and Services, Social Protection, and Miscellaneous Goods and Services," legal service costs rose by 6.5%, jewelry and watches increased by 2.3%, and barbershop services became 0.6% more expensive.

The most significant contributor to the short-term CPI increase in March 2025 was the rise in food and non-alcoholic beverage prices, which accounted for over 74% of the overall impact. Price changes in the categories of "Housing, Water, Electricity, Gas, and Other Fuels," "Transport," "Information and Communication," and "Household Goods and Services" collectively increased the index by 0.16 percentage points (18.6% of the total impact), while other categories had a less significant effect.

For the CPI relative to December 2024, food inflation remained the primary driver, contributing approximately 58% of the overall increase in the consolidated index for January–March 2025.

Over the past 12 months, the structure of monthly CPI fluctuations has changed, but food and non-alcoholic beverage price variations remained the dominant factor, except in April and May, when changes in healthcare and housing and utility tariffs had the greatest impact.