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Ukraine's inflation slows to 0.7% in April, to 8.4% year-over-year

Source : 112 Ukraine

Consumer prices in Ukraine at the end of April 2021 year-over-year slowed down from 8.5% to 8.4% at the end of March
21:53, 7 May 2021

Open source

Consumer prices in Ukraine at the end of April 2021 year-over-year slowed down from 8.5% to 8.4% at the end of March. It was reported by the State Statistics Service of Ukraine.

Accorting to the State Statistics Service, inflation fell to 0.7% in April from 1.7% in March, 1% in February and 1.3% in January.

In addition, the State Statistics Service in April 2021 recorded core inflation at 0.7%, which is also lower than the previous month (1.6%).

Related: National Bank of Ukraine improves inflation forecast in 2020, worsens it in 2021

In general, for the first four months of 2021, inflation in Ukraine amounted to 4.8%, core inflation to 3.1%.

In the consumer market in April, prices for food and non-alcoholic beverages increased by 1.2%. Sunflower oil rose in price most of all (by 10%). Prices for sugar, processed grain products, rice, bread, meat and meat products, pasta rose by 5.0% to 1.0%. At the same time, vegetables, fruits, eggs and milk fell in price by 1.3% to 0.5%.
Prices for alcoholic beverages and tobacco products increased by 0.9%, was mainly due to a 1.5% rise in prices for tobacco products.
The rise in prices (tariffs) for housing, water, electricity, gas and other fuels by 0.4% was mainly due to a 2.3% rise in prices for natural gas.
Transport prices increased by 0.6%, primarily due to the rise in the cost of travel in railway and road passenger transport by 2.6% and 1.4%, respectively, and fuel and oils by 0.8%.

Meanwhile, the consensus estimate of inflation (calculated December to December) for 2021 is 7.4% versus 6% (preliminary estimates of the consensus forecast), for 2022 - 6.6% versus 6%, respectively. This forecast was published by the Ministry of Economic Development, Trade and Agriculture on its website.

"In 2023-2024, according to experts in Ukraine, growth will continue at 3.5% in 2023 and 3.9% in 2024, and inflation will return to the National Bank targets (5.7% in 2023 and 5,1% in 2024)," the message reads.

Related: Inflation rate in Ukraine will be about 7% in 2021, - presidential adviser

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