Inflation rises to 12% in Ukraine in 2024 - State Statistics Service

MOSCOW. Jan 13 (Interfax) - Inflation in Ukraine, which decreased to 5.1% in 2023 after spiking to 26.6% in 2022, rose to 12% in 2024, Ukrainian media said, citing the State Statistics Service.

The service said the growth of consumer prices slowed to 1.4% in December 2024, versus 1.9% in November, 1.8% in October and 1.5% in September.

Consumer prices rose by 0.7% in December 2023, so in annual terms, inflation increased to 12% at the end of December 2024 from 11.2% at the end of November, 9.7% at the end of October, and 8.6% at the end of September, it said.

Core inflation rose to 1.3% in December 2024 from 1.2% in November, returning to the October level. Given that it was zero in December 2023, in annual terms, core inflation increased to 10.7% at the end of 2024 from 4.9% in 2023 and 22.6% in 2022.

In the consumer market, prices for food products and non-alcoholic beverages increased by 1.8% in December, compared to November last year. Prices for butter, sunflower oil, milk and dairy products, vegetables, processed grain products, bread, beef, fish and fish products, pasta, and pork increased by 5.2%-1%. At the same time, egg prices decreased by 1.5%.

Prices for alcoholic beverages and tobacco products increased by 2%, including by 2.7% for tobacco products and by 1.2% for alcoholic beverages.

Clothing and footwear became cheaper by 3.9%, including a decline in prices for footwear by 4% and clothing by 3.9%.

According to the State Statistics Service, the 1.6% increase in prices in the healthcare sector occurred in December 2024 primarily due to an increase in prices for pharmaceutical products by 1.8% and outpatient services by 1.6%.

Transport fees increased by 0.5% mainly due to the 2.1% increase in the cost of travel by road passenger transport.

At the end of October, the National Bank of Ukraine downgraded its inflation forecast for 2024 from 8.5% to 9.7% alongside the 2025 forecast from 6.6% to 6.9%.

The Ukrainian Economy Ministry forecasted 9.5% inflation at the end of 2024 and the same inflation rate by the end of 2025.