Ukraine Inflation

Ukraine

Ukraine: Inflation continues on upward trend in June nearing five-year high

July 8, 2014

In June, consumer prices increased 1.0% over the previous month. The print was considerably lower than the 3.8% rise registered in May, which represented the largest monthly increase since March 2008. June’s increase was broad-based as ten of the twelve components measured increased over the previous month. The largest increases were registered in health, miscellaneous goods, and furnishings, household equipment and routine house maintenance. Conversely, prices for clothing and footwear and communication dropped.

Annual inflation jumped from May’s 10.9% to 12.0% in June, which marked the highest rate since December 2009. As a result of the acceleration in recent months, along with developments in the political sphere and in the foreign exchange market, inflation is still above the Central Bank’s 4.0%–6.0% target range for 2013–2014. Meanwhile, annual average variation in consumer prices increased from May’s 1.9% to 2.9% in June.

Against this backdrop, FocusEconomics Consensus Forecast panelists expect inflation to end 2014 at 14.7%, which is up 2.2 percentage points from last month’s forecast. For 2015, the panel sees inflation easing to 7.0%.


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Ukraine Inflation Chart


Ukraine Inflation June 2014

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: State Statistics Service of Ukraine.


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