Inflation in Ukraine drops to 0% in July 2024, up to 5.4% in annual terms - State Statistics Service

MOSCOW. Aug 9 (Interfax) - The growth of consumer prices in Ukraine dropped to zero in July 2024, having risen to 2.2% in June from May's 0.6%, Ukrainian media outlets said, citing the State Statistics Service on Friday.

In June 2023, consumer prices decreased by 0.6, therefore, inflation in annual terms grew to 5.4% by the end of July 2024 from 4.8% in June and 3.3% in May, the service said.

Core inflation grew to 0.7% in July 2024 from 0.5% in June and 0.3% in May, it said. Given that it was zero in July 2023, core inflation in annual terms grew to 5.7% by the end of July from 5% in June and 4.4% in May.

As reported, inflation in Ukraine slowed to 5.1% in 2023 from 26.6% in 2022 and 10% in 2021.

In late July, the National Bank of Ukraine (NBU) raised its inflation forecast for 2024 from 8.2% to 8.5%. The NBU expects inflation to rise in the third quarter of this year to 7.9%. According to its forecasts, consumer prices will also continue growing in the first quarter of 2025, when inflation reaches the peak at 9.7%, after which the rate will begin to decline.