MAJOR INFLATIONARY FACTORS IN THE ECONOMY OF UZBEKISTAN AND ANTI-INFLATION POLICIES

Аннотация

This article analyzes the dynamics of inflation in the Uzbek economy in 2019–2024, the main external and
internal factors influencing its formation, and strategies for reducing inflation. The study used open data from international
and national institutions, such as the Central Bank of the Republic of Uzbekistan, the State Statistics Committee, the World
Bank, and the International Monetary Fund. Based on statistical data, the interrelationships between annual changes in
inflation, energy prices, shifts in the global food market, the national exchange rate, and monetary policy were examined.
The results showed that the persistence of high inflation in Uzbekistan is explained, on the one hand, by external price
shocks and high dependence on imports, and, on the other hand, by insufficiently developed market infrastructure, weak
competition, and administrative changes in some tariffs. The article concludes with a comprehensive strategy, consisting
of a set of monetary, fiscal, and structural reforms, to bring inflation closer to a sustainable 5 percent target level