Inflation rate in Ukraine over 2022 lower than expected at 26.6%

Following Russia’s full-scale invasion, consumer price inflation in Ukraine was measured at 26.6% over 2022, an overal iless than was initially forecasted, the State Statistics Service of Ukraine reported on Jan. 10.

According to the service, inflation had stabilized at 0.7% in December.

However, Ukraine’s gross domestic product (GDP) dropped by 30.4% in 2022, according to a preliminary estimate by the Economy Ministry, released on Jan. 5.

“This is objectively the worst result since independence (in 1991), but better than most experts predicted at the beginning of (Russia’s) full-scale invasion when estimates ranged from 40-50% and more,” the ministry then said.

In October, Ukraine’s National Bank predicted the annual inflation to reach 30%. The bank estimated that in 2023, inflation would decrease to 20.8%.

National Bank: Ukraine’s GDP to fall by one third in 2022; Russian attacks on energy system imperil economy

The Kyiv Independent