Core Inflation and Its Alternative Indicators

Core inflation is one of the key indicators used in monetary policy decision-making. It reflects the underlying trend of inflation by excluding temporary price fluctuations in the economy.

When assessing core inflation, the average change in prices is calculated by excluding goods and services from the CPI basket the prices of which are highly volatile and/or exhibit cyclical patterns, as well as those that are administratively regulated.

The Central Bank of the Republic of Uzbekistan also uses the following alternative indicators when assessing core inflation:

1. The trimmed mean CPI is calculated by ordering price changes within the consumer basket and excluding goods and services with the highest and lowest price changes. In Uzbekistan’s methodology, the 15 percent of goods and services with the lowest price increases and the 15 percent with the highest price increases are excluded from the calculation.
2. The CPI median represents the central value of the distribution of consumer price changes. To calculate it, price changes are arranged in ascending order, and the value corresponding to the 50th percentile of the distribution is taken as the median inflation indicator.

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Core Inflation Calculation Methodology

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Bazaviy inflyatsiya va uning muqobil ko‘rsatkichlari dinamikasi (09.10.2026)

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