BAKU, Azerbaijan, Apr. 22
By Klavdiya Romakayeva - Trend:
Annual inflation rate in Uzbekistan in March 2021 amounted to 10.9 percent, which is 0.7 percent less than in January 2021, Trend reports with reference to the Central Bank of Uzbekistan (CBU).
According to the CBU, at the same time, the growth in food prices amounted to 13.8 percent in annual terms. It was noted that this factor continues to have an increased impact on the overall rise in prices.
The chairman of the Board of the CBU Mamarizo Nurmuratov during a press conference dedicated to the results of the board meeting said that the CBU kept the base rate at 14 percent per annum to maintain the slowing inflation dynamics against the backdrop of risks of rising food prices in foreign markets.
“A significant increase in prices for some basic food products in the short term is explained, on the one hand, by a low harvest and an increase in prices in foreign markets due to restrictions imposed by some countries on food exports, and on the other hand, by a high concentration of data imports of products, an undeveloped competitive environment and a relatively high cost of domestically produced products,” CBU noted.
According to the CBU's forecast, reforms to diversify import markets and reduce transport costs will yield positive results in ensuring price stability in the domestic market.
In addition, Mamarizo Nurmuratov said that the devaluation of the national currency from the beginning of the year to April 1, by only 0.2 percent, had a positive effect on inflation.
Also, the CBU predicts an average price increase at the end of 2021 at the level of 9-10 percent.
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