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The inflation rate in Ukraine keeps slowing down

The annual inflation rate for consumer goods (#CPI) in Ukraine was 17.9% in April 2023, indicating a slowdown in the price growth rate. For example, in January 2023, prices for the most common goods and services were 26% higher than in January 2022. However, it should be noted that in April 2022 prices were already high.

Over the course of 12 months, food prices increased by 21.7%, with eggs, vegetables, and fish, experiencing the highest increases. Prices for fuel and oil rose by 24.2%, leading to a 22.5% increase in the cost of passenger road transportation services, while railway transport became only 5.5% more expensive to passengers.

Compared to March this year, many food products and other goods and services decreased in price, for example, fuel and oil become 2.4% cheaper.

Prices for eggs, sunflower oil, fruits, milk, and sugar also became cheaper, while meat prices increased by 3.3%. According to the State Statistics Service of Ukraine, pork was the main driver of this growth, given that its price increased by 7.4% during April 2023. Railway tickets became more expensive by 0.8%, while the cost of road transportation increased by 0.10%. Prices for pharmaceutical products were up by 1.2%, leading to an increase in prices in the healthcare sector.

Source: based on data from the State Statistics Service of Ukraine.

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