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Inflation in Ukraine declines to 2.1% in April

Christian Fernsby |
Consumer prices in Ukraine in April grew by 0.8%, the State Statistics Service has reported.

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Topics: UKRAINE   

At the same time, in April last year, price growth was higher: it was 1%, therefore, inflation in April 2020 year-over-year slowed to 2.1% from 2.3% in March and 4.1% in 2019 .

According to the State Statistics Service, underlying inflation in April this year fell to 0.4% after the jump to 1.3% in March, whereas before it was falling for three consecutive months. Last April, underlying inflation was also 0.4%, as a result, annual inflation remained at 3.1%.

In April, in comparison with March of the current year, prices for food and non-alcoholic beverages in the consumer market increased 2.1%. Most of all prices of buckwheat groats and fruits went up (18% and 12.8%). Prices for eggs, sugar, vegetables, pork, rice, beef, pasta, fish and fish products increased 9.4-1.1%. At the same time, poultry meat and lard fell by 2.6% and 1.3%.

Prices for alcoholic beverages and tobacco products increased 0.9%, which is linked to a rise in price of tobacco products by 1.8%.

According to the statistics, in April 2020, a decrease in prices (tariffs) for housing, water, electricity, gas and other types of fuel by 3.2% was mainly due to the decline in the cost of natural gas by 11.9% and hot water, heating by 5.3%.

The rise in prices in the healthcare sector by 2.1% was primarily due to the rise in price of pharmaceutical products by 2.9%.

Transport prices decreased 1.3%, mainly due to the reduction in the cost of fuel and lubricants by 9.0%. At the same time, car prices rose by 3.4%.

The National Bank of Ukraine at the end of January improved its inflation forecast for 2020 from 5% to 4.8%. However, in April, the NBU worsened it to 6%. According to the central bank, in the first half of this year, annual inflation will be 4.8%.

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