Inflation in Ukraine increased to 22.2%, as compared with the period from January to August last year.
This is reported by the State Statistics Service.
In June, inflation was only 0.7% year-on-year, and since the beginning of the year, prices have risen by 18.2%.
Prices increased the most for transport services— 24.8%. Prices for products increased by 21%, for educational services — by 16%, and for alcohol and tobacco products — by 14%.
At the end of July, the National Bank issued a forecast according to which inflation will exceed 30% by the end of the year. The National Bank hopes that inflation will slow down next year thanks to the improvement of trade logistics and the gradual growth of harvests. An additional impact will be the decrease in global inflation and the tight monetary policy of the NBU. At the same time, the slowdown in inflation will restrain the high cost of gas and oil and the need to gradually reduce tariffs for the population to the market level. As a result, consumer inflation will decrease to about 20% in 2023 and will fall to single-digit levels only at the end of 2024.
- In May, the National Bank announced Ukraineʼs losses during the war — more than $92 billion, that is, about half of last yearʼs gross domestic product.