Annualized inflation in Ukraine falls to 3.2%
Consumer price growth in Ukraine accelerated to 0.5% in March 2024, compared to 0.3% in February and 0.4% in January, according to the April 9 State Statistics Service (Ukrstat) report. However, YoY inflation rate has slowed down to 3.2%.
Core inflation also increased from 0.4% in February-January to 1.0% in March 2024. Taking into account that in March-2023 core inflation was 1.3%, in annual terms it decreased last month to 4.2% from 4.5% in February and 4.6% in January.
Among food products, eggs (-16.4%), sugar (-2.5%) and sunflower oil (-1.5%) saw the most significant decreases in price in March, while fruits experienced an increase of +4.1% due to seasonal factors.
Among non-food goods and services, clothing and footwear (+12.9%), as well as railroad transportation services (+4.4%), saw the most significant price increases.
Annual inflation in Ukraine continued to decline, reaching its lowest level since November 2020 at 3.2%. According to Danylo Hetmantsev, the parliamentary Finance Committee chairman, compared to other European countries, Ukraine's inflation rate is higher than 3.9% in Estonia, 3.2% in Spain, 2.4% in the Euro Zone, 1.9% in Poland, and 0.9% in Latvia, but significantly lower than Turkey's galloping inflation rate of 68.5%.
The decrease in inflation is primarily attributed to increased food supply due to warm weather, reduced pressure from producer inflation (commodities and energy), tight monetary policy, and stability in the foreign exchange market.
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