The State Statistics Service of Ukraine has published data on the rate of inflation in the economy in July. According to the current data, inflation accelerated to 22.2% in July, breaking the June anti-record of 21.5%. Since the beginning of the year, inflation in Ukraine as a whole has risen by 18.2%.
Inflation in Ukraine in July 2022 approached 22.2% year-on-year, according to current data from the State Statistics Service. Compared to June, inflation in July was 0.7%, and year-to-date it was 18.2%. The National Bank of Ukraine (NBU) predicts that inflation in Ukraine by the end of 2022 will exceed 30%, not 20%, as previously thought. In June the annual inflation rate approached 21.5%.
Despite the summer season the prices in the Ukrainian consumer market continue to rise. In July the prices for eggs went up the most (by 8.7%), while fruit became cheaper (by 5.4%). According to the State Statistics Service, the prices for processed cereals, rice, pork, bacon, fish and fish products, soft drinks, bread and butter rose by 5.1-1.1%. Alcohol prices rose by 0.8 per cent and the price of tobacco products rose by 1.8 per cent. Prices for telecommunication services rose by 2.1%, which was due to a 4.1% increase in mobile operator’s services and a 2.6% increase in postal services.
Vegetable sets, however, became 1.9% cheaper in July due to an increase in seasonal supply, but compared to 2021, their prices were twice as high. The situation was the same for fuel – in July, the price was “knocked down” by 4.4%, which was 77% more expensive than last year.
As far as the annual inflation in Ukraine is concerned, prices for vegetables rose by 88.8% a year on the average, bread and baked goods by 34.1%, fish and fish products by 30.2%, sugar by 26% and butter by 24.5%. Given the unfavourable forecast of the Ministry of Economy that inflation will reach 30% in 2023 and that Ukraine’s GDP will shrink by 30-35%, the prices of commodities and food products in Ukraine will not stop the “upward movement”.
Due to censorship and blocking of all media and alternative views, stay tuned to our Telegram channel