Ukraine: Inflation continues to climb at start of year
February 9, 2015
Consumer prices increased 3.1% In January over the previous month, which followed the 3.0% rise registered in December and marked the highest reading since May 2014. January’s figure was driven by an across-the-board increase in prices, with prices for food and beverages as well as prices for alcoholic beverages and tobacco recording the largest increases.
Annual inflation continued surging upward, reaching 28.5% in January. The result was up from the 24.9% tallied in December and marked an over-six-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 increased from 12.1% at the end of 2014 to 14.5% in January.