BAKU, Azerbaijan, July 21. Asian Development Bank raised inflation forecasts for Uzbekistan, Trend reports via the bank.
According to the bank, inflation in Uzbekistan rose to 10.2 percent in the first 5 months of 2022.
The liberalization of wheat prices and an expected rise in utility prices, coupled with the economic impact of the conflict in Ukraine, will accelerate inflation in 2022.
The inflation forecasts for the Caucasus and Central Asia are raised from 8.8 percent to 11.3 percent for 2022 and from 7.1 percent to 8.1 percent for 2023. The further rise in global commodity prices and supply chain disruptions because of the conflict in Ukraine has added to inflationary pressures that were already prevalent in the subregion.