INFLATIONAL PRESSURE FACTORS IN UZBEKISTAN AND THEIR REPRESENTATION IN THE CONSUMER PRICE INDEX
DOI:
https://doi.org/10.47390/SPR1342V6I2Y2026N10Keywords:
inflation; Consumer Price Index (CPI); monetary factors; non-monetary factors; cost-push inflation; external shocks; imported inflation; policy rate; administratively regulated tariffs; inflation expectations.Abstract
This article examines the nature of inflation in Uzbekistan, the monetary and non-monetary drivers behind it, and the role of external shocks as well as exchange-rate changes transmitted into consumer prices in shaping the dynamics of the Consumer Price Index (CPI). Inflation is interpreted as a complex phenomenon emerging from the interaction of monetary policy, fiscal conditions (budgetary spending and taxation), market structure, administratively regulated tariffs, import prices, and inflation expectations. Using the 2020–2025 context, the paper provides a descriptive analysis of CPI, the policy (key) rate, and the exchange rate, and proposes directions for empirically assessing these factors across CPI components.
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