Ukraine Inflation


Ukraine: Inflation continues to skyrocket

March 9, 2015

Consumer prices increased 5.3% in February over the previous month, which was above the 3.1% rise registered in January. February’s acceleration was driven by an almost across-the-board increase in inflation, with only prices for alcoholic beverages and tobacco rising at a smaller pace than the previous month.

Annual inflation continued surging upward, reaching 34.5% in February. The result was up from the 28.5% tallied in January and marked a record 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 increased from 14.5% in January to 17.3% in February.

FocusEconomics Consensus Forecast panelists expect inflation to end 2015 at 15.0%, which is up 2.4 percentage points from last month’s forecast. For 2016, the panel sees inflation easing to 9.3%.

Author: Angela Bouzanis, Senior Economist

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Ukraine Inflation Chart

Ukraine Inflation February 2015

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

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