Annual inflation in 2022 is lower than expected

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According to the State Statistics Service, consumer inflation in December (through November) was 0.7%, the lowest monthly price growth rate last year (along with July and November).

This improved the annual inflation rate.

At the end of 2022, consumer prices rose 26.6% (to December 2021), up 20.2% on average for the year.

Among food products, eggs (+76.6%), fruit (+73.8%), vegetables (+51.8%), fish (+45.8%), bread and bakery products (30.3%) rose the most during the year). In general, food products increased in price by 34.4%.

Among non-food products and services, transportation services were most expensive (+42.9%), primarily due to increased cost of fuel and lubricants (+69.4%), household goods and appliances (+26.5%), alcoholic beverages and tobacco products (+22.7%), hotel and restaurant services (+22.5%).

Utilities in general have increased in price by 6% due to the growth of the cost of water, sewage, home maintenance, but the rates for basic services (electricity, heat, gas) have not changed.

The annual inflation rate (26.6%) was lower than the latest expectations and forecasts. Recall that the last forecast of the government (MEDT) anticipated the growth of prices (until December 2021) by 28%, and the NBU and the IMF by 30%.


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