Annual inflation in Uzbekistan ticked up to 7.3% in February from 7.2% in January, according to the national statistical committee.

Headline inflation last showed an increase in July last year. 

Despite the uptick, the rate remained 2.8pp lower than the 10.1% recorded in February 2025.

Monthly inflation was posted at 0.6%. It eased from 0.7% in January but was 0.1pp higher than what was seen in February last year.

Core inflation, excluding fruit and vegetables, was announced at 0.5% m/m, 0.2pp higher than a year ago. 

Over the first two months of 2026, consumer prices increased by 1.1%, while annual core inflation edged up from 8.1% in January to 8.3% in February.

Food prices rose by 1% m/m, compared with 0.8% m/m in January and increased 5.9% y/y, at double the 2.9% y/y rate posted a year earlier. 

Non-food prices rose by 0.2% m/m, slowing from 0.3% m/m a year earlier, and were up 5.2% y/y, compared with the 7.4% y/y seen in February 2025. 

Medicines gained 0.4% m/m and 3.9% y/y. Precious metal rings rose 1.5% m/m and 32% y/y.

Paid services rose 0.6% m/m with the annual rate halving to 13.3% y/y.

Waste collection fees increased 4.7% m/m and 32.6% y/y, while rents accelerated by 0.5% m/m and 2.3% y/y.

In transport, long-distance train ticket prices surged 14% m/m and 14.9% y/y. Airfares rose 4.4% m/m but were 0.2% lower y/y.

Gasoline prices were mixed: AI-92 and AI-95 declined by 0.5% m/m and 0.7% m/m, respectively, while AI-98/100 edged up 0.3% m/m. 

Propane (LPG) prices rose 1.9% m/m and 9.7% y/y, while methane tariffs were unchanged m/m but remained around 30% higher y/y.

In January, the Central Bank of Uzbekistan (CBU) revised its inflation forecast, projecting that the headline rate will reach 6.5% by the end of 2026.