The monetary policy of the State is aimed at maintaining price stability in order to promote sustainable and balanced economic development. Ensuring stability is the main objective of monetary policy. To date, one of the urgent issues facing monetary authorities is an increase in the rate of inflation in the economy. Inflation is an economic phenomenon characterized by an increase in the prices of goods, as well as a decrease in the purchasing power of a monetary unit. The factors of inflation in the economy are different, but conditionally these are internal and external causes. One of the factors influencing inflation is the change in the exchange rate against the national currency. Monetary authorities can adjust exchange rates through currency transactions. A decrease in the volume of foreign currency on the market and an increase in the exchange rate favors the sale of domestic goods by exporters, but increases the prices of imported goods. The change in the exchange rate and its impact on inflation in the economic literature is called the "transfer effect". The "transfer effect" affects the inflation process to varying degrees, it all depends on the causes of currency exchange rate changes and inflation. The aim of the study is to reduce the impact of changes in the exchange rate on inflation. For this purpose, a detailed analysis of the impact of exchange rate changes on the inflation rate in Uzbekistan is provided, as well as a generalizing analysis of the dynamics of inflation by month for 2022. The structure of imports and the dependence of the price of imported goods on the exchange rate of foreign currency and ways to reduce the impact on the inflation rate as a result of changes in the exchange rate and demand for foreign currency are considered.