Inflation in 2023 amounted to 5.1% - state statistics

Inflation in 2023 amounted to 5.1% - state statistics

Consumer prices in Ukraine in December 2023 increased by 0.7% compared to November 2023, and by 5.1% since the beginning of the year.

This is reported by the State Statistics Service, Ukrinform saw.

"Inflation in the consumer market in December 2023 compared to November 2023 amounted to 0.7%, and 5.1% for the year as a whole," the report says.

Read also: Ukraine's GDP to grow by 3.2% in 2024 - World Bank

The State Statistics Service notes that prices for food and non-alcoholic beverages in the consumer market increased by 1.9% in December. Vegetables and eggs rose the most (by 13.9% and 13.8%). Prices for fruits, butter, beef, milk and dairy products, fish, and fish products increased by 7.2-0.7%. At the same time, prices for sugar, processed cereals, sunflower oil, pork, pasta, and rice decreased by 3.5-0.5%.

Clothing and footwear fell by 3.4%, in particular, footwear by 3.5% and clothing by 3.3%. The 1.0% increase in healthcare prices was primarily due to a 1.3% rise in pharmaceutical prices and a 1.0% rise in outpatient services.

Read also: Inflation in Ukraine down from 26% to 5% last year – NBU

Transportation prices decreased by 1.7%, mainly due to cheaper fuel and oils by 4.0%, as well as rail passenger transportation by 1.1%.

As reported, according to the State Statistics Service, consumer prices in Ukraine rose to 26.6% in 2022, up from 10% in 2021.

In October 2023, the National Bank (NBU) improved its inflation forecast for the end of 2023 from 10.6% to 5.8%. The main factor behind this revision is the impact of high harvests on food prices. At the same time, the NBU raised its inflation forecast for 2024 from 8.5% to 9.8%.

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