Fluctuations in global oil prices and logistical disruptions could intensify inflationary pressures in Uzbekistan, the governor of the Central Bank Timur Ishmetov told the Uzbekistan 24 television channel in a recent interview.
The Central Bank chief noted that while current inflation remains stable, external factors are creating significant price risks.
"Annual inflation is currently holding at 7.3%, though the earlier goal was to bring it down to 6.5% this year," Ishmetov stated. "However, shifts in global markets—such as volatile oil prices and supply chain failures—could impact the cost of imported food and energy, subsequently driving up prices for other goods and services."
In response, authorities are prioritizing preemptive measures to mitigate these pressures.
"We have identified steps that must be taken in advance. Specifically, we discussed strategic import plans, logistical solutions, and alternative supply chains. Most importantly, the focus is on accelerating the development of our own domestic production," Ishmetov added.
The Director of the National Statistics Committee Behzod Hamraev further elaborated that the president has issued specific mandates to ensure price stability through product localization and improved trade logistics. He also noted that data from the recent population and agricultural censuses would be processed immediately to inform regional development programs.
The global energy market is currently defined by sharp price hikes and extreme volatility. Oil prices have surged past $100 per barrel, up from pre-conflict levels of around $70–75. The primary driver of this trend is the escalating geopolitical tension in the Middle East, particularly following the recent U.S. and Israeli military operations against Iran.
