Economy Ministry names reasons for price growth in September

In September 2021, after deflation in August, consumer prices in Ukraine rose by 1.2% due to higher food and energy prices in foreign markets, Ukrinform reports, referring to the press service of the Ukrainian Economy Ministry.  

"According to the State Statistics Service, in September 2021, after deflation in August, consumer prices rose slightly - by 1.2% (minus 0.2% in August), but the price situation remains stable. A slight increase in prices in September was due primarily to maintaining pressure from high food and energy prices in foreign markets,” the report reads.

Thus, according to the Food and Agriculture Organization of the United Nations (FAO), in September 2021, the average food price index rose by 1.2% compared to August.

As for energy prices, according to the World Bank, the average price of natural gas on the European market increased by 48.1% in September, 5.8 times year-on-year and reached $646.4 per 1,000 cubic meters. At the same time, natural gas tariffs for households in Ukraine grew only 1.8% in September.

Seasonality also had a certain influence on prices in Ukraine in September. In particular, fruits, sunflower oil and sugar became cheaper due to the seasonal saturation of the food market with these products. Tariffs for rail passenger transport decreased slightly - by 1.7%, which is typical for this month. At the same time, prices for some food production, clothing and footwear, and educational services have risen.

As Ukrinform reported, consumer prices in September 2021 increased by 1.2% against August 2021, by 11.0% against September 2020, and by 7.5% against December 2020.

iy