Inflation in 2023 amounted to 5.1% - state statistics

This is reported by the State Statistics Service, Ukrinform saw.

"Inflation in the consumer market in December 2023 compared to November 2023 amounted to 0.7%, and 5.1% for the year as a whole," the report says.

The State Statistics Service notes that prices for food and non-alcoholic beverages in the consumer market increased by 1.9% in December. Vegetables and eggs rose the most (by 13.9% and 13.8%). Prices for fruits, butter, beef, milk and dairy products, fish, and fish products increased by 7.2-0.7%. At the same time, prices for sugar, processed cereals, sunflower oil, pork, pasta, and rice decreased by 3.5-0.5%.

Clothing and footwear fell by 3.4%, in particular, footwear by 3.5% and clothing by 3.3%. The 1.0% increase in healthcare prices was primarily due to a 1.3% rise in pharmaceutical prices and a 1.0% rise in outpatient services.

Transportation prices decreased by 1.7%, mainly due to cheaper fuel and oils by 4.0%, as well as rail passenger transportation by 1.1%.

As reported, according to the State Statistics Service, consumer prices in Ukraine rose to 26.6% in 2022, up from 10% in 2021.

In October 2023, the National Bank (NBU) improved its inflation forecast for the end of 2023 from 10.6% to 5.8%. The main factor behind this revision is the impact of high harvests on food prices. At the same time, the NBU raised its inflation forecast for 2024 from 8.5% to 9.8%.