KYIV (Reuters) -Ukraine's consumer price inflation rose to 15.9% year-on-year in May, driven by increasing food prices, the statistics service said on Tuesday. Inflation has been growing quicker than
Ukraine's Inflation Hits 15.9% in May Amid Rising Food Costs
KYIV (Reuters) -Ukraine's consumer price inflation rose to 15.9% year-on-year in May, driven by increasing food prices, the statistics service said on Tuesday.
Inflation has been growing quicker than initially expected so far this year, following a smaller harvest last year. Food prices grew by 22.1% in May compared to the same month a year ago, the statistics data showed.
The central bank kept its benchmark rate unchanged at 15.5% this month, saying that inflation had reached its local peak in May as prices for fresh fruits and vegetables were high after unseasonably cold spring months.
Data showed that fruit prices were up by 17.6% in May compared with April. Overall consumer prices grew by 1.3% in May compared with April, the statistics service said.
The central bank expects inflation to start slowing down in the summer months as the new harvest arrives.
The central bank forecasts inflation to slow to about 8.7% by the end of the year. In 2024 annual inflation reached 12%.
(Reporting by Olena Harmash; Editing by Sharon Singleton and David Evans)
