16:52 13.12.2019

Economy ministry studying imported products price hikes with hryvnia strengthening, could start investigation

2 min read
Economy ministry studying imported products price hikes with hryvnia strengthening, could start investigation

The Ministry of Economic Development, Trade and Agriculture of Ukraine is trying to find an answer to the question: "The [hryvnia] exchange rate is strengthening, while prices do not fall. Why it is so?" Minister Tymofiy Mylovanov has said.

"For certain items [of consumer imports], where there should have been a larger decrease [in prices], we are analyzing, and if necessary, we will communicate with the market and conduct investigation," he said on Facebook.

The minister said that prices for imported goods, which make up 29.8% of the Ukrainian consumer basket, have grown by an average of 0.3% over the past 12 months: they have decreased for 71 items, and increased for 56 items.

Mylovanov said that the fall in prices is restrained by the increase in salaries and other expenses in the prime cost, however, a more detailed analysis is needed.

According to the table he presented, in particular, over the past year, the prices of bananas and lemons went up by 18.2-18.5%, antipyretics and painkillers – by 17.9%, imported ointments and vitamins - by 6.9-7.4%, children's shoes – by 6.8%, frozen fish – by 6.6%.

During this time, the hryvnia exchange rate rose against the U.S. dollar by 12.8%, and against the euro by 15.1%.

Two days earlier, Mylovanov criticized players in the oil market for increasing margins from 8% to 21% and announced signs of collusion, expressing the hope that the Antimonopoly Committee of Ukraine would deal with the situation.

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