The growth of consumer prices in Ukraine in January 2021 accelerated year-over-year to 6.1% from 5% in December and 3.8% in November, the State Statistics Service of Ukraine said on Tuesday.

According to the authority, in January, inflation rose to 1.3% from 0.9% in December and 1.3% in November, while in January last year it was significantly lower – 0.2%.

In addition, in January 2021, the State Statistics Service recorded underlying inflation of 0.3%, which corresponds to the level of December. In December 2019, this indicator was -0.2%, so underlying inflation in January year-over-year rose to 5% from 4.5% in December and 3.9% in November.

As reported, inflation in Ukraine in 2019 fell to 4.1% from 9.8% in 2018 and 13.7% in 2017. In 2016, it amounted to 12.4%, a year earlier it was 43.3%.

In January, the National Bank of Ukraine downgraded its inflation forecast for the current year to 7%. According to its estimates, in the first quarter the growth of consumer prices will accelerate to 7.6%, in the second to 8.4%, and then in the third quarter they will slow to 8.3%.