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Consolidated consumer price index (CPI) In the Republic of Uzbekistan.%
In December 2020, the average level of consumer prices and tariffs for the month increased by: 1,6 %
In December 2019, on average monthly prices and tariffs for goods and services increased by: 1,7 %
In January-December 2020, prices and tariffs in the consumer market increased on average by: 11,1 %
In January-December 2019, goods and services increased on average by: 15,2 %
The average monthly increase in the consolidated CPI for January-December 2020 was: 0,9 %
B In 2019, the average monthly increase in the consolidated CPI was at the level of: 1,2 %
Dynamics of the consolidated CPI in the Republic of Uzbekistan, %
2019
The rise in food prices in December 2019 resulted in an increase in the consolidated CPI for the month by 1.4 percentage points, which is 85.7% of the total increase.
The increase in prices for non-food products added 0.2 p.p. to the consolidated indicator for the month. (10.1% of the total increase).
The increase in prices and tariffs for services provided an increase in the aggregate indicator for the month by an additional 0.1 percentage points (4.2% of the total increase).
2020
Due to the growth in food prices, the consolidated CPI in December 2020 increased by 1.1 percentage points over the month, which is 68.0% of the total increase.
The rise in prices for non-food products added 0.3 percentage points to the consolidated indicator for the month. (19.2% of the total increase).
The increase in prices and tariffs for services increased the consolidated indicator for the month by an additional 0.2 percentage points (12.8% of the total increase).
Conclusion
In the process of studying and researching inflation, we can see that the current level of inflation in Uzbekistan is very high and it has a very bad impact on our economy. For this reason, we can observe high unemployment, devaluation, and changes in the prices of goods and services from day to day. However, we can see that inflation has decreased slightly over the last period. The rapid spread of the COIVD-19 virus from China to other countries of the world has had a great impact on the economies of the world and our country. Over the past year, our country has developed a number of measures to combat and prevent the spread of the disease, and we can safely say that it has paid off. Therefore, the turmoil in our economy during this period has been significantly regulated to date, and inflation-reducing reforms are being carried out in a pre-determined strategic direction.
The implementation of measures to further reduce inflation is an important factor in ensuring the effectiveness of economic reforms aimed at improving the living standards of the population and creating conditions for sustainable economic growth. International experience shows that one of the most effective ways to conduct monetary policy in a market economy is the inflation targeting regime, in which the active participation of the central bank in the monetary market, as well as regular analysis of economic development and public coverage of public policy plans. At the same time, the introduction of inflation targeting requires coordinated preparations by the Central Bank of the Republic of Uzbekistan and the Cabinet of Ministers in the following areas: gradual reduction of the role of non-monetary factors of inflation, including reform of tariff regulation, ensuring the effectiveness of structural economic reforms in the real sector of the economy and filling the domestic market with consumer goods; Improving the quality of macroeconomic analysis and communication policy of the Central Bank; introduction of new instruments of money market regulation, ensuring the effective influence of the regulator on the credit market.
5% inflation target from 2023; The goal is to reduce inflation to 10 percent by 2021. According to the main scenario of economic development, real GDP growth is projected at 5.2-5.5% in 2020 and accelerated to 5.5-5.8% in 2021-2022. Under the main scenario, the annual inflation rate will be in the range of 12-13.5 percent by the end of 2020, will fall to single-digit numbers in 2021, and in 2023 the key 5 percent target will be achieved.
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