The growth of consumer prices in Ukraine in March 2024 accelerated to 0.5% from 0.3% in February and 0.4% in January, the State Statistics Service reported on Tuesday.

The statistics body recalled that in March 2023 it was higher – 1.5%, therefore, in annual terms, inflation in March of this year fell to 3.2% from 4.3% in February, 4.7% in January, and 5.1% – based on the results of December and November.

Underlying inflation jumped to 1.0% in March-24 from 0.4% in February-January. Given that in March 2023 underlying inflation was 1.3%, in annual terms, it decreased at the end of the last month to 4.2% from 4.5% at the end of February and 4.6% at the end of January.

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 8.8% in the third.

In early November, the government improved the inflation forecast for 2024 from 10.8% to 9.7%.