The International Monetary Fund (IMF) reports that Ukraine’s inflation in 2017 was the highest among all of the Commonwealth of Independent States (CIS). The Fund estimates the average annual inflation in the country in the current year at 14.4%, which turned out to be greater than its prediction of 12.8%, the institution’s April 2018 World Economic Outlook reads, UNIAN reports.
The Fund’s estimate of the nation’s economic growth in 2017 was in line with the official data, which forecast it at 2.5%. According to the State Statistics Service of Ukraine estimated the country’s inflation in 2017 at 13.6%. The inflation figure is calculated as a comparison of consumer price growth at year-end with the indicator at the end of the year before.
Over the previous year, the International Monetary Fund revised the forecast for Ukraine’s inflation upwards, from the initially predicted level of 10% to 11.5%, then 12.8%. According to experts of the International Monetary Fund, a rapid increase in wages in the nation is among the prominent factors that contribute to inflation. The Fund forecasts Ukraine’s inflation in 2018 at 11%, and at 8% next year.
Ukraine is no longer a permanent member of the Commonwealth of Independent States, but it is still an associate of the group. Despite that, the International Monetary Fund classifies Ukraine within this group of nations “due to geographical proximity and a similar economic structure.”