11:26 10.08.2015

Deflation in Ukraine in July 2015 comes to 1%, inflation slows in annual terms to 55.3% - statistics

2 min read
Deflation in Ukraine in July 2015 comes to 1%, inflation slows in annual terms to 55.3% - statistics

The State Statistics Service in July 2015, for the first time since August 2013, recorded deflation in Ukraine which amounted to 1%, while in June inflation was 0.4%, in May - 2.2%.

According to the service, in annual terms - compared to the same month in 2014 - inflation slowed to 55.3% from 57.5% in June, 58.4% - May, and 60.9% - April.

In general, over the first seven months of 2015 consumer prices in Ukraine increased by 39.3%.

The national budget of Ukraine for 2015 is built on the optimistic scenario of development, providing for a fall in GDP of 5.5% with inflation being 26.7%.

At the same time, the IMF and the government during the first review of the Extended Fund Facility program (EFF) worsened the forecast for the fall in GDP this year to 9%, inflation - to 45.8%. The National Bank of Ukraine predicts a 9.5% GDP decline, with inflation being 48%.

They also pointed out that the State Statistics Service overestimated the effect of increasing gas tariffs by 4 percentage points (the State Statistics Service estimated inflation in April at 14%) and revised methodology for calculating inflation according to the recommendations of the IMF technical mission. This revision will affect the calculation of the consumer price index in October-November, when the two-rate structure of gas tariff will return.

As reported, in 2014 consumer prices in Ukraine increased by 24.9%, a year earlier by 0.5%.

The service said that prices for food and non-alcoholic drinks in the consumer market in July decreased by 2.0%. Vegetable prices fell most of all: that for cabbage by 31.8%, beet by 23.1%, carrot by 22.8%, onion 22.1%, and potatoes by 19.3%.

In addition, prices for fruit, eggs, rice, cereals were down by 6.1-1.1%, pasta, fish, sunflower oil, milk by 0.7-0.1%. At the same time, prices for meat, sugar, fat were up by 2.0-1.6%.

Prices for alcoholic drinks and tobacco rose by 1.7%, in particular for alcoholic drinks by 3.2%, tobacco products by 0.8%.

The rise in tariffs for housing, water, electricity, gas and other fuel by 0.2% was mainly due to the increase in tariffs for sewerage (2.3%), water supply (2.1%), as well as rent (0.7%).

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