macro economics

Inflation in Ukraine in October slows to 2.4%, reaches 19% since start of 2014

Inflation in Ukraine in October slows to 2.4%, reaches 19% since start of 2014
Photo: Reuters

Inflation in Ukraine in October 2014 slowed to 2.4% compared to 2.9% in September, however it is still significantly higher than 0.8% in August and 0.4% in July.

According to the State Statistics Service, as a whole since the beginning of this year consumer prices in the country have increased by 19%.

In annual terms (relative to the same month last year) inflation accelerated to 19.8% from 17.5% in September, 14.2% in August, 12.6% in July, 12% in June and 10.9% in May.

According to the service, consumer prices for food and non-alcoholic drinks in October rose by 2.6%. Prices for eggs and lard were up by 13.2% and 11.2%. Prices of rice, vegetables, bread, meat and meat products, milk and dairy products, soft drinks, pasta, sunflower oil increased by 5.4-1.7%. At the same time, the price of sugar and fruit decreased by 4.1% and 2.1% respectively.

Prices of alcoholic drinks and tobacco goods increased by 2.5%, in particular that of tobacco produce - by 2.9%, alcohol - 2.2%.

The growth of prices (tariffs) for housing, water, electricity, gas and other fuel by 2.2% occurred mainly due to higher prices for heating and solid fuel (10.8% and 7.8%), as well as housing rent fees by 2.6%.

The price hike of 2% in health care services was primarily due to the increase in the cost of pharmaceutical products by 3%.

Lower prices for transport services by 0.7% are mainly due to the reduction in the cost of fuel and oil by 2%, as well as cars by 0.3%.

The growth of rates in the communications sector by 0.9% was due to the increase in subscription fees for phone use by 6.5%.

As reported, in 2013 consumer prices in Ukraine rose by 0.5%, while a year before they fell 0.2%.

The government and the National Bank forecast inflation in the current year at a level of 19-19.5%.

Source: Interfax-Ukraine

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