The Central Bank has factored a potential 10% increase in electricity and natural gas tariffs into its inflation forecast, the Central Bank governor Timur Ishmetov shared this during a press conference today.
“Our inflation projections account for all state-regulated prices. We are in constant dialogue with the government, and the planned growth of energy and utility tariffs is always taken into consideration when we formulate our outlook,” Ishmetov stated.
The deputy governor Nodirbek Achilov clarified that while the regulator’s calculations already include a 10% escalation, the government has not yet made a final decision on the price hike. Ishmetov added that the specific timing and parameters of any adjustment fall strictly within the government's jurisdiction.
Previously, a source in the energy sector said that officials are discussing a revision of energy rates for households. According to the source, the government’s economic bloc and the Ministry of Economy and Finance have proposed a 9–10% increase for gas and electricity. If approved, the new rates would likely take effect 15 days after the official document is signed.
Under a standing government resolution, a mechanism for the annual escalation of energy prices was established to begin on May 1 each year, starting in 2026. This adjustment is tied to inflation but capped at 10%. This marks a shift from a 2024 policy that had initially aimed to freeze tariffs for at least three years.
In March, annual inflation in Uzbekistan eased to 7.1%, and the Central Bank expects it to slow further to 6.5% by the end of the year.
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