Page 34 - UKRRptApr24

4.2 Inflation
At the beginning of the year, Ukraine's consumer inflation slowed to 4.7%. Inflation in January was lower than the NBU forecasted. This resulted from a larger supply of certain food products, the effect of last year's large harvests, the postponement of some utility tariff increases, and a slowdown in global oil prices. Inflationary pressure decreased due to lower business costs, particularly on raw materials and logistics, a stable situation on the foreign exchange market, and improved inflation expectations.
4.2.1 CPI dynamics
Inflation in Ukraine for January 2024 fell to 4.7%, down from 5.1% in both December and November. On a month-on-month basis, inflation decelerated to 0.4% in January compared to 0.7% in December and 0.5% in November, the State Statistics Service reported on February 9. (chart)
January's consumer prices saw food and non-alcoholic beverage prices increase by 1.1%. The most significant price surge was in vegetables, which were up 16.8%. There were also increases in the prices of fruit, beef, milk, dairy products, oil, fish, fish products, and pasta ranging from 4.5% to 0.7%. Conversely, egg prices saw a decline of 8.4%, with decreases also noted in pork, sugar, processed grain products, sunflower oil, poultry, lard, and rice, ranging from 3.6% to 0.6%.
The price of alcoholic beverages and tobacco products rose by 0.7%, attributed mainly to a 1.1% increase in tobacco products.
Clothing and footwear experienced a significant decrease in price by 5.5%, with clothing down by 5.6% and footwear by 5.5%.
34 UKRAINE Country Report April 2024 www.intellinews.com