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Inflation rate slows down in May, but it still exceeds National Bank's expectations

Inflation in Ukraine in March 2022. Photo: fbc.ua

Inflation in Ukraine in March 2022. Photo: fbc.ua

Consumer prices in Ukraine increased by 2.7% in May, while in April the growth was 3.1%, in March — 4.5%, in February — 1.6%, and in January — 1.3%, the State Statistics Service reports. .

In annual terms, in May, inflation increased to 18% from 16.4% in April, 13.7% in March, 10.7% in February, and 10% in January.

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The National Bank expected inflation to increase to 17% in May.

Since the beginning of this year, inflation has been 13.9%.

Recall: the State Statistics Service assesses inflation based on analyzing the prices of a set of goods and services that are defined by the government as a consumer basket.

In May, prices for food and non-alcoholic beverages rose by 2.7%. Rice and fruits rose in price the most (by 14.3% and 11.5% respectively). Prices for fish and fish products, grain processing products, vegetables, soft drinks, and pasta increased by 3.2 — 5.9%.

Eggs fell in price by 21.2%, beef, sugar, and poultry meat — by 0.9 — 2.5%.

Prices for alcoholic beverages and tobacco products increased by 3.9%, including alcoholic beverages — by 6.4%, tobacco products — by 1.5%.

The decrease in prices in the healthcare sector by 0.9% was primarily due to the reduction in the cost of pharmaceutical products by 1.8%.

Transportation prices increased by 10.2% mainly due to the increase in the price of fuel and lubricating oils by 22.8%, as well as the cost of tickets for road transport (by 6.7%).

Context. In 2021, inflation in Ukraine increased to 10% from 5% in 2020 and 4.1% in 2019.

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