Mylovanov: Imported products price do not drop due to rising wages in Ukraine

Open source

Ukrainian Minister of Economic Development, Trade and Agriculture Tymofiy Mylovanov said that prices for imported goods do not fall, because of strengthening of the national currency and increasing of average nominal wages in Ukraine.

“Over the year, the hryvnia exchange rate increased by 12% (compared to November 2018). During the same time, the average nominal salary increased by 16%. The first factor presses down the price of imported goods (decrease in the value of the proposal). The second one puts pressure on price increases (increased demand). As a result of these two opposing forces, prices for goods with a significant import component increased by 0.3%. In fact, both factors were balanced. If it’s simplified,” the minister said.

According to Mylovanov, there are several other factors that prevent prices for imported goods from falling.

“Cigarette prices, incidentally, are rising due to increased excise taxes. If excise taxes did not increase and there would be a more competitive market for certain other items, then, perhaps, the general inflation of imported goods would be negative,” the minister emphasized.

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