Deflation in Ukraine was recorded in December for the first time since country’s independence. This was announced by the Minister of Economic Development, Trade and Agriculture of Ukraine Tymofiy Mylovanov on his Facebook page.
The official commented on the information by the State Statistics Committee about the fall in prices in December 2019, and the slowdown of annual inflation to 4.1%.
“According to State Statistics Service, for the first time since Ukraine’s independence was recorded deflation in the consumer market – prices fell by 0.2% in December (previously, December prices only increase),” Mylovanov wrote.
According to the Minister, consumer inflation continued to slow down to 4.1% and as a result was close to the lower border of the target range (5%). The basic consumer price index decreased by 0.3%, the non-basic consumer price index, according to the Ministry of Economy, decreased by 0.1%.
Mylovanov said that the reasons for the decline in prices in December are revaluation of the hryvnia (the average monthly exchange rate of UAH against the US dollar strengthened by 3.1% in December), which created a deflationary effect on domestic prices; a decrease in the price of natural gas for the needs of the population by 11.2% (since the beginning of the year, prices have decreased by 28.7%).
As The Journalist reported, Ukraine reduce public debt to 50% of GDP.
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