Ukraine Inflation


Ukraine: Inflation continues to rise in August, approaches a five-year high

September 8, 2014

In August, consumer prices increased 0.8% over the previous month, which was higher than the 0.4% rise registered in July. August’s increase came on the back of higher prices for food and non-alcoholic beverages, as well as for housing, water, electricity and gas. Conversely, consumer prices for clothing decreased in August compared with July.

Annual inflation jumped from July’s 12.6% to 14.2% in August, which marked the highest rate since September 2009. As a result of the acceleration in recent months, along with developments in the political sphere and in the foreign exchange market, inflation has risen further above the Central Bank’s 4.0%–6.0% target range for 2013–2014. Meanwhile, annual average variation in consumer prices increased from July’s 3.9% to 5.2% in August.

Against this backdrop, FocusEconomics Consensus Forecast panelists expect inflation to rise further before the end of the year and see it ending 2014 at 17.1%, which is up 0.5 percentage points from last month’s forecast. For 2015, the panel sees inflation easing to 7.2%.

Author: Angela Bouzanis, Senior Economist

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Ukraine Inflation Chart

Ukraine Inflation August 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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