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Year-on-year growth in consumer prices accelerated to 22.2%

In July, the growth of consumer prices in Ukraine decreased by 0.7% compared to 3.1% in June due to seasonal factors. Thus, inflation returned to the level of the end of last year. This is evidenced by the data of State Statistics Service.

In July 2022, inflation was 0.1%, therefore, therefore on an annual basis according to the results of July of the current year, the indicator increased to 22.2% from 21.5% according to the results of June, 18% – in May, 16.4% – in April, 13, 7% – in March, 10.7% – in February and 10% – in January.

Core inflation decreased to 1.2% in July from 1.6% in June, 1.4% – in May, 3% – in April and 3.8% – in March. However, taking into account basic deflation by 0.1% in July, it increased to 16.7% from 14.9% in June and 13.7% – in May.

In January-July 2022, inflation in Ukraine was 18.2%, and the base rate was 12.7%.

In 2021, inflation in Ukraine increased to 10% from 5% in 2020 and from 4.1% in 2019, and the base inflation increased to 7.9% against 4.5% a year earlier.

As GMK Center reported earlier, according to the estimates of the National Bank inflation in Ukraine according to the results of June accelerated to 20.1% compared to 18% in May. The main factors of the growth of consumer prices:

  • high energy prices;
  • production and logistics chains disruption;
  •  capacities and infrastructure destruction;
  • occupation of territories.

The head of the NBU Kyrylo Shevchenko expects inflation to rise by the end of 2022 by more than 20%. According to him, the rate of consumer prices growth in April was 16.4%, and according to the results of May, it is expected to grow by 17%.