Annual inflation in Ukraine slows to 26%, statistics show

10 February, 03:20 PM
In January, inflation in Ukraine increased to 0.8% (Photo:nrd / Unsplash)

In January, inflation in Ukraine increased to 0.8% (Photo:nrd / Unsplash)

Consumer price growth in Ukraine accelerated to 0.8% in January 2023, against 0.7% in December and November 2022, but overall the pace of price rises in the country has slowed in recent months, the State Statistics Service reported on Facebook on Feb. 9.

The most recent data is significantly below October’s indicator of 2.5% and the 1.9% recorded in September. In addition, inflation was recorded at 1.3% in January 2022, so in annual terms, according to the results of January 2023, it decreased to 26%, down from 26.6%.

Core inflation eased to 0.7% last month, compared with 0.8% in December, 1.3% in November, 1.9% in October, and 2.4% in September.

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Given that the core inflation was only 0.1% in January 2022, it increased from 22.6% to 23.3% in annual terms.

On the consumer market, prices for food and non-alcoholic beverages increased by 1.4% in January 2023.

The prices of vegetables and fruits increased the most, by 6.4% and 4.4%, respectively. Prices for eggs, milk, soft drinks, bread, oil, meat and meat products, cheese, and oil increased by 2 p.p.-0.5%. At the same time, the prices of processed grain products, rice, lard, and sugar fell by 3,3 p.p.-0.2%.

Prices for alcoholic beverages and tobacco products increased by 0.8%, including tobacco products by 1.2%, and alcoholic beverages by 0.5%.

Clothing and footwear fell in price by 5.1%, by 5.9% and 4.2%, respectively.

The increase in prices in the health care sector by 1.2% was primarily due to the increase in the price of outpatient services by 2.5% and hospital services by 2.3%.

Prices for transport decreased by 0.1% due to a 2% decrease in the price of fuel and lubricants. Meanwhile, fares in railway passenger transport rose by 3.2%

According to the latest forecast of the National Bank of Ukraine, inflation will slow to 18.7% in 2023, while real GDP will grow only marginally – by 0.3%.

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