Inflation in Tajikistan’s consumer sector reached 1.3% in the first quarter of 2025, down 0.3 percentage points from the same period in 2024, according to a newly published report by the National Bank of Tajikistan, Avesta.tj reports.
In March 2025 alone, inflation stood at 0.6%, 0.2 percentage points lower than in March of the previous year. On a year-on-year basis, inflation reached 3.4% in March—again 0.2 percentage points below the March 2024 figure.
The report also provided a comparative snapshot showing that annual inflation in March 2025 in several of Tajikistan’s key trading partners was significantly higher. Inflation stood at 38.1% in Turkey, 10.3% in Uzbekistan, 10% in Kazakhstan, 5.9% in Belarus, 3.5% in Georgia, and 3.3% in Armenia.
Core inflation—which excludes seasonal fluctuations in food and fuel prices and reflects underlying monetary trends—was minus 0.2% in March and 1.2% on a year-on-year basis.
The refinancing rate in Tajikistan remains stable at 8.75%. According to government officials, the strategic inflation target for 2025 is to keep it within 5%.
The National Bank of Tajikistan has reiterated its commitment to a prudent monetary policy aimed at preserving domestic price stability. According to the Bank, the lowest inflation rate in Tajikistan’s post-independence history was recorded in 2013 at 3.7%.
CentralasianLIGHT.org
May 1, 2025