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News / 9 January 2014 | 12:40
Price hike bump helps Ukraine's economy

Price hike bump helps Ukraine's economy

The State Statistics Service (Gosstat) has published data showing an increase in prices for consumer goods and services for 2013, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

According to the statistics, at year end of 2013, the index of consumer prices was 100,5% from December 2012, whereas 2012 showed deflation. The prices for consumer goods and services are down by 0,2% from December 2011. 

A slight price increase was observed for the last three months of 2013. Based on the October data, the prices went up 0,4% from the previous month, in November to October — by 0,2%, and in December to November — by 0,5%. 

Analysts believe that this information gives ground to say that the National Bank along with the government is gradually pulling out of the deflation spiral which has been in evidence since mid 2012.

The growth of the basic consumer price index (BCPI) proves that the economy is getting out of deflation. The BCPI has not changed in November 2013 compared with December 2012, whereas it went up 0.1% in December. 

Analysts say the importance of the inflation processes for the economic analysis, as this parameter is a calculation of inflation in the consumer basket excluding especially volatile inflation components - electricity, fuel and food. As these figures can vary in price rapidly, and they are dependent on a number of situational and seasonal factors, they are "cut off" to get a clean measure of inflation.
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