In March, the cost of products of the food industry increased in Tajikistan on average by 1.7 percent, which is 0.9 percent higher compared to February, according to the Agency for Statistics under the President of Tajikistan.
The increase in cost of products of the food industry last month was reportedly caused by a 7.4 percent-increase in prices for vegetables and 7.8 percent–increase in prices for fruits.
Thus, prices for carrots increased by almost 20 percent; cabbages – 10 percent; cucumbers – 8.4 percent; tomatoes – 3.6 percent; grapes – 33 percent; and apples – 10 percent.
Besides, prices for milk increased by 3.7 percent; rice and eggs – 3.3 percent each.
Meanwhile, non-foodstuffs price rises last month slowed down 4 times compared to the previous month of February: to 0.2 percent from 0.8 percent in February.
In March, prices and rates for services rendered to the population decreased on average by 0.2 percent. As it had been reported earlier, prices and rates for services rendered to the population in February increased on average by 0.2 percent.
Over the first three months of this year, prices for products of the food industry and non-foodstuffs have increased on average by 3.0 percent and 1.2 percent, respectively.
Meanwhile, prices and rates for services rendered to the population over the reporting period have decreased on average by 0/1 percent.
In March, the consumer price index (CPI) inflation in Tajikistan stood at 0.9 percent, compared to 0.5 percent in January and 0.4 percent in February.
The National Bank of Tajikistan (NBT) says annual inflation for Tajikistan for the 12 months ended March stood at 3.6 percent.
Tajikistan’s financial regulator predicts this year’s year-end inflation in Tajikistan at 6.0 percent.
The World Bank’s report entitled “Weak Growth, High Inflation, and Cost-of-Living Crisis: Europe and Central Asia Economic Update” says the average CPI inflation declined to 6.6 percent in 2022 from 9.0 percent a year earlier.
The report notes that this year, inflation is expected to decrease gradually and remain within the NBT’s 4.0–8.0 percent target range, supported by tight monetary policy.
According to the report, this year’s year-end inflation in Tajikistan is expected to stand at 5.6 percent, and over the next two years, it will stand at 6.5 percent.
The “Macroeconomic Review: April 2023”, released by the Eurasian Development Bank (EDB) on April 10, predicts this year’s year-end inflation in Tajikistan to stand at 6.0 percent.
Meanwhile, the Asian Development Bank (ADB) notes that inflation, which slowed to 4.2% in 2022, is projected to accelerate to 7% in 2023, reflecting possible currency depreciation in tandem with a weakening Russian ruble, further increases in consumer lending, salary hikes for some civil servants, and a rise in pensions. Inflation is projected to slow to 6.5% in 2024 as global food prices moderate, the ADB says.
