Ukraine had 0.4% inflation in Jan, annual figure 4.7%

MOSCOW. Feb 9 (Interfax) - Inflation in Ukraine slowed to 0.4% in January, from 0.7% in December from 0.5% in November, Ukrainian media reported, citing the State Statistics Service.

Prices had risen 0.8% in January 2023, so inflation in annual terms fell to 4.7% in January this year, from 5.1% in December and November 2023.

Core inflation quickened to 0.4% in January from zero in December and 0.3% in November. It was 0.7% in January 2023 and slowed to 4.7% in annual terms in January 2024.

Food and non-alcoholic beverages rose 1.1% in price in January, the biggest increases being 16.8% for vegetables. Prices went up 0.7-4.5% for fruit, beef, milk and dairy products, butter, fish and fish products and pasta, but fell 8.4% for eggs and 0.6-3.6% for pork, sugar, grain products, sunflower oil, poultry, salo and rice.

Alcohol and tobacco prices went up 0.7%, driven by 1.1% growth for tobacco products.

Clothing and footwear prices fell 5.5%, including clothing - 5.6% and footwear - 5.5%.

A 1.3% increase in healthcare prices was driven by growth of 1.5% for outpatient services and 1.3% for pharmaceuticals.

Transport fares fell 1.5% due to 4.6% drop for fuels and lubricants, while rail fares went up 2.5%.

Inflation slowed to 5.1% in 2023 from 26.6% in 2022 and 10% in 2021.

The National Bank of Ukraine said in January that it expected 8.6% inflation for 2024 compared with its previous forecast of 9.5%. It said inflation might be 5% in Q1, rising to 6.6% in Q2 and 8.8% in Q3.

The government in November improved its 2024 inflation forecast from 10.8% to 9.7%.