Uzbekistan’s Central Bank decided to keep its policy rate at 14% at a meeting of the Board held on September 16.

The regulator said elevated prices in global commodity, food and energy markets continue to put pressure on domestic inflation through import prices, as well as transportation and logistics costs, in the medium term, The Caspian Post reports.

“Although inflation continues to trend downward and the economy is showing certain signs of more balanced dynamics, the persistence of certain upside risks to inflation calls for maintaining current tight monetary conditions,” the Central Bank said.

Headline inflation continued to decelerate in August, reaching 6.2%, while core inflation stood at 5.5%.

“At the same time, an increase in the share of goods and services with year-on-year price increases above 5 percent indicates persistent price pressures in the economy,” the statement said.