Consumer price growth in Ukraine accelerated to 1.8% in October 2024 from 1.5% in September, 0.6% in August, and zero in July, the State Statistics Service (Ukrstat) reported on Friday.
The statistics agency recalled that in October 2023, consumer prices rose by 0.8%, so year-on-year inflation in October 2024 rose to 9.7% from 8.6% in September, 7.5% in August and 5.4% in July.
It is indicated that in October-2024, core inflation decreased to 1.3% from 1.7% in September. Taking into account that in October-2023 it was equal to 0.4%, on an annualized basis, core inflation rose to 8.3% last month from 7.3% in September, 6.5% in August and 5.7% in July.
In the consumer market, prices for food and non-alcoholic beverages rose by 3.2% in October. Vegetables and eggs rose the most (by 18.2% and 18.1%). Prices for butter, fruit, milk and dairy products, sunflower oil, processed cereals, beef, soft drinks, bread, lard, fish and fish products increased by 6.9-1.3%. At the same time, sugar prices fell by 4.2%.
Prices for alcoholic beverages and tobacco products increased by 1.8%, driven by a 2.6% rise in the price of tobacco products.
The 1.0% increase in healthcare prices was primarily due to a 1.3% increase in prices for hospital services and a 1.2% increase in prices for outpatient services.
Transportation prices increased by 0.5%, mainly due to a 0.8% rise in fuel and oil prices and a 0.7% rise in road passenger transportation fares. At the same time, railroad passenger transportation fell by 4.7%.
As reported, inflation in Ukraine in 2023 fell to 5.1% after a jump in 2022 to 26.6% from 10.0% in 2021.
In late October, the National Bank of Ukraine downgraded its inflation forecast for 2024 from 8.5% to 9.7% and worsened it for 2025 from 6.6% to 6.9%. The NBU’s forecast envisages inflation falling to 6.9% at the end of 2025 and reaching the 5% target in 2026.
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