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.