Inflation has slowed significantly in Ukraine

As a result of July, deflation was recorded in Ukraine – consumer prices fell by 0.6% after rising by 0.8% in June, 0.5% in May and 0.2% in April. This was announced by the State Statistics Service on Wednesday, August 9.

“Consumer prices in July 2023 compared to June 2023 decreased by 0.6%, increased by 4.0% since the beginning of the year. Core inflation in July 2023 compared to June 2023 reached 0.0 %, since the beginning of the year – 3.2%,” the report said.

Compared to July 2022, consumer prices rose by 11.3% last month.

Thus, in July, prices for food and non-alcoholic beverages in the consumer market decreased by 1.9%. Most of all (by 18.2%) the price of vegetables fell. Prices for eggs, cereal products, rice, fruit, oil, sunflower oil, fermented milk products decreased by 7.6-0.4%.

At the same time, prices for meat and meat products, sugar, fish and fish products, soft drinks increased by 1.4-0.5%.

At the same time, prices for alcoholic beverages and tobacco products increased by 1.0%, including for tobacco products – by 1.5%, alcoholic beverages – by 0.6%.

Transportation prices increased by 2.7%, mainly due to a 7.3% increase in the price of gasoline and oil.

In the field of communication, prices increased by 0.3%, related to the increase in the cost of postal services by 5.8%.

Recall that at the end of March, the National Bank announced that inflation began to decline earlier and faster than expected. And in July, the NBU significantly improved inflation and GDP forecasts.

In turn, the Ministry of Economy allows GDP growth of up to 5% by the end of 2023.