Ukraine Inflation


Ukraine: Inflation continues steep climb in December, ends 2014 at 14-year high

January 6, 2015

In December, consumer prices increased 3.0% over the previous month, which was above the 1.9% rise registered in November and marked the highest reading since May. December’s figure was driven by an across-the-board increase in prices, with prices for food and beverages as well as prices for miscellaneous goods and services recording the largest increases in December compared to November.

Annual inflation for 2014 ended the year at 24.9%, drastically above 2013’s 0.5% and marked a 14-year high. Inflation has skyrocketed since the onset of the military conflict in Eastern Ukraine, pushed up by sharp increases in the price for gas along with a drastic depreciation of the hryvnia. In addition, annual average variation in consumer prices swung from 2013’s 0.3% decrease to a 12.1% increase in 2014.

FocusEconomics Consensus Forecast panelists expect inflation to end 2015 at 10.7%, which is up 0.3 percentage points from last month’s forecast. For 2016, the panel sees inflation easing to 7.5%.

Author: Angela Bouzanis, Senior Economist

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Ukraine Inflation Chart

Ukraine Inflation December 2014 0

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

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