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Statistics service: Inflation drops to 0% in July

by Kateryna Hodunova August 9, 2024 5:28 PM 1 min read

Consumer price growth in Ukraine fell to 0% in July 2024 after increasing from 0.6% in May to 2.2% in June — Ukrainian hryvnia bills, Aug. 12, 2023. (Adrien Fillon/NurPhoto via Getty Images)

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Consumer price inflation in Ukraine amounted to 0% in July, compared with June, the State Statistics Service said on Aug. 9.

Compared with July 2023, consumer prices rose by 5.4% year-on-year in July 2024, according to the report.

After several large-scale Russian attacks on Ukrainian energy infrastructure in the spring and summer, the rise in electricity prices in June fueled both consumer and industrial price inflation in Ukraine.

In June, consumer prices rose by 2.2% compared with May and by 4.8% year-on-year.

Inflation in Ukraine dropped to 5.1% in 2023 after skyrocketing in 2022 to 26.6% from 10.0% in 2021.

In late July, the National Bank of Ukraine (NBU) downgraded its inflation forecast for this year from 8.2% to 8.5%. The NBU expects inflation to increase to 7.9% in the third quarter of 2024.

According to the NBU, the acceleration in consumer price growth will continue in the first quarter of 2025, when inflation will peak at 9.7% and then decline.

Author: Kateryna Hodunova

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