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Ukraine Inflation January 2023

Ukraine: Inflation drops to lowest level since September 2022 in January

Inflation came in at 26.0% in January, down from December’s 26.6%. January’s reading marked the lowest inflation rate since September 2022. Looking at the details of the release, price pressures for food and non-alcoholic beverages, transport, and housing and utilities eased in January.

Meanwhile, annual average inflation rose to 21.5% in January (December: 20.2%). Additionally, core inflation rose to 14.6% in January, from the previous month’s 13.6%.

Lastly, consumer prices rose 0.80% from the previous month in January, picking up from the 0.70% increase seen in December. January’s figure was the highest reading since October 2022.

Analysts at the EIU commented on the outlook:

“Although we see inflation decelerating from 2022 levels this year, it will remain elevated owing to widespread disruption of supply chains and physical destruction of infrastructure, which will continue to drive supply-side inflationary pressures, in addition to elevated global commodity prices.”

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