Based on Freedom Finance’s research, Spot has reported that the consumer confidence index in Uzbekistan fell to a record low in May. The indicator reached 126.8 points in May, decreasing by 3.4 points during the month. The decline was recorded in all five sub-indices, with the most substantial decline in economic dynamics in the last year.

The assessment of changes in the economic situation decreased by 117.5 points (-7.8). In March, 58% of Uzbeks had noted that the financial crisis had improved in the last twelve months; but in April, this figure decreased to 53.5%, and in May, to 48%. Just a third of respondents living in Tashkent assessed the economic dynamics positively. In Namangan, the percentage of positive responses decreased from 58.3% to 46.1%, while in five other areas it decreased by between 7 and 9%. The sub-index of changes in citizens’ financial situation also decreased by 128.4 points (-2.9).

Inflation is increasing in Uzbekistan. During the past year, prices have increased significantly—by 48.5% – breaking the record set in October of last year. The share of citizens who noted increased housing and communal services tariffs rose from 21.4% to 44.1% over two months.

Conversely, only 13.2% of participants expect inflation to accelerate next month, and 28% over the course of the year. Expectations of devaluation also decreased: 63.4% expected a substantial weakening of the som against the dollar during the year, and 43.5% in the monthly range.

Freedom Finance analyst Daniyor Orazboev told Spot that the decline in consumer confidence was caused by a “sharp acceleration of inflation due to administrative decisions in Uzbekistan.”