In 2024, inflation in the consumer market of Ukraine amounted to 12% compared to the previous year. In December, in particular, prices increased by 1.4% compared to November. Core inflation, which takes into account long-term trends in pricing, amounted to 10.7% per year and 1.3% in December.

What rose the most in price

According to the State Statistics Service, a significant increase in prices was observed in the food sector. In December, prices for food and non-alcoholic beverages increased by 1.8%. Among the largest price increases were butter, sunflower oil, milk, dairy products, vegetables, grain products, bread, beef, fish and pasta. Prices for these goods increased by 1–5.2%. At the same time, eggs became cheaper by 1.5%.

Alcoholic beverages and tobacco products also became more expensive. Their prices increased by 2%, in particular, tobacco products increased by 2.7%, and alcohol by 1.2%.

Decrease in prices for clothing and footwear

Despite the general increase in prices, clothing and footwear fell by 3.9%. The largest drop was recorded in the footwear sector, where prices decreased by 4%, while clothing fell by 3.9%.

Healthcare and transport sector

Expenditures on medical services increased by 1.6%, which was due to an increase in the price of pharmaceutical products by 1.8% and outpatient services by 1.6%. In the transport sector, prices increased by 0.5%, mainly due to an increase in the cost of travel in road passenger transport by 2.1%.

How inflation is calculated

The Consumer Price Index (CPI) is a key indicator that shows changes in the cost level of goods and services for the population. It is calculated monthly based on price data and household surveys. The Core Consumer Price Index (CPI) takes into account only stable price trends, excluding short-term fluctuations caused by external factors.

Significance for the economy

The current level of inflation indicates a difficult economic situation that affects all sectors of the consumer market. The increase in prices for essential products and services reflects pressure on household budgets. At the same time, a decrease in prices in some sectors indicates a certain flexibility of the market. However, the government and economists should closely monitor the dynamics to avoid further strengthening of inflationary pressures.