10:02 10.01.2019

Inflation in Ukraine slows down to 9.8% in 2018 - statistics

2 min read
Inflation in Ukraine slows down to 9.8% in 2018 - statistics

The growth of consumer prices in Ukraine in 2018 slowed to 9.8% compared with 13.7% in 2017, the State Statistics Service of Ukraine has reported.

As reported, the inflation growth rates in the previous years were as follows: 12.4% in 2016, 43.3% in 2015, and 24.9% in 2014.

In December last year, inflation was 0.8% against 1.4% in November, 1.7% in October, and 1.9% in September.

The State Statistics Service said that the average annual inflation in 2018 (January-December to January-December of the previous year) decreased to 10.9% from 14.4% a year earlier.

In December 2018, underlying inflation also fell to 0.6% from 1.1% in November, 1.3% in October, and 1.9% in September, and by the end of 2018 the figure reached 8.7%.

According to the State Statistics Service, in December 2018, the prices of food and non-alcoholic beverages increased 1.8% in the consumer market. The most vegetables went up in price (by 16.5%). The prices for milk and dairy products, pasta, butter, bread increased 3.2-1.6%. At the same time, rice, eggs, sugar, fruit, pork became cheaper by 1.4-0.5%.

Prices for alcoholic beverages and tobacco products rose by 1%, which is related with a rise in price of tobacco products by 1.7%.

The rise in prices (tariffs) for housing, water, electricity, gas and other types of fuel by 0.7% was mainly due to the increase in prices for liquefied gas - by 3.2%, tariffs for hot water, heating – by 2.1%, sewage - by 0.8%, water supply, maintenance of houses and house territories – by 0.6%.

The decline in prices for transport by 1.6% is mainly due to the cheapening of fuel and lubricants by 6%. At the same time, the fare in road passenger transport went up by 2.5%.

As reported, the National Bank of Ukraine (NBU) at the end of October 2017 worsened the inflation forecast for 2018 from 6% to 7.3%, in January 2018 – to 8.9%, in October 2018 – to 10.1%.

The government previously raised its inflation forecast for 2018 from 7% to 9%.

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