Inflation in Ukraine 0.4% down in Jan 2024, 4.7% y-o-y – statistics
The growth of consumer prices in Ukraine in January 2024 slowed to 0.4% from 0.7% in December and 0.5% in November, the State Statistics Service reported on Friday.
In January 2023 it was higher – 0.8%, so year-over-year inflation in January of this year fell to 4.7% from 5.1% in December and November.
In January 2024, underlying inflation rose to 0.4% from zero in December and 0.3% in November. Taking into account the fact that in January 2023 underlying inflation was 0.7%, year-over-year underlying inflation fell to 4.6%.
In the consumer market in January, prices for food and non-alcoholic drinks grew by 1.1%. Vegetables grew in price the most (by 16.8%). Prices for fruits, beef, milk and dairy products, oil, fish and fish products, and pasta grew by 4.5-0.7%. At the same time, eggs fell in price by 8.4%, prices for pork, sugar, processed grain products, sunflower oil, poultry meat, lard, and rice decreased by 3.6-0.6%.
Prices for alcoholic beverages and tobacco products grew by 0.7%, which is associated with an increase in the price of tobacco products by 1.1%.
Clothing and footwear fell in price by 5.5%, in particular, clothing – by 5.6%, shoes – by 5.5%.
An increase in prices in the healthcare sector by 1.3% was primarily due to an increase in prices for outpatient services by 1.5% and pharmaceutical products by 1.3%.
Transport prices decreased by 1.5%, mainly due to a 4.6% reduction in the cost of fuel and oils. At the same time, railway passenger transport fares increased by 2.5%.
As reported, inflation in Ukraine in 2023 fell to 5.1% after a jump in 2022 to 26.6% from 10.0% in 2021.
In January, the National Bank of Ukraine improved its inflation forecast for 2024 from 9.5% to 8.6%. According to its estimates, at the end of the first quarter it will be 5%, but then it will begin to grow: to 6.6% in the second quarter and to 8.8% in the third.
The government in early November improved the inflation forecast for 2024 from 10.8% to 9.7%.