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Inflation in Ukraine is Slowing down Four Months in a Row

Inflation in Ukraine is slowing down. At the same time prices for motor fuel rise despite the decline in global oil prices. Rising prices for energy resources create risks of accelerating consumer prices in the near future.

According to the express review of the National Bank of Ukraine, a monthly growth rate of the Consumer Price Index (CPI) is decreasing four months in a row. Growth rates of the CPI for June amounted to 0.4%, while in April and May – 0.8% and 1.3% respectively. It is worth mentioning, that a CPI growth rate declined over the last three month – in June this figure was 0.9% versus 1.4% in May and 1.7% in April, calculated taking into account seasonal factors.

However, in annual terms CPI increased by 11.9% (5.9% YTD) compared to 11.0% in May, largely due to the low base of comparison last year.

Automobile fuel in Ukraine continued to rise in price in June despite the decline in oil prices in world markets – by 1.0% per month. In annual terms, fuel inflation rose to 33.0%.

Reduction in the external demand led to decrease in the monthly growth rate of producer price index (PPI) to 0.5% in June against 2.6% in May. However, annual growth rates remain high PPI (20.0%), which puts pressure on consumer prices.

Source: National Bank of Ukraine