Inflation in Ukraine falls in November. GDP declines slowly in Q3.

Ukraine’s monthly consumer inflation slowed to 0.7% from 2.5% last month, according to the State Statistics Committee on Friday.

According to the report, consumer inflation fell to 26.5% in November compared with last year.

The economy ministry stated that heavy damage caused to Ukraine’s infrastructure by Russian air strikes in November and October was a major shock to the economy.

It said that businesses were made to reduce their work hours, and they faced serious logistical problems due to the long blackouts and electricity shortage.

Russia’s February 24th invasion of Ukraine and nine months of conflict have severely damaged Ukraine’s economy. Moscow launched a string of missile strikes against Ukraine in the last weeks. These attacks have damaged critical infrastructure throughout the country.

“Now, the food price situation is slowly stabilising. In a statement, Yuliya Skryrydenko stated that government actions have contributed to curbing inflation by lowering utility tariffs.

Svyrydenko predicted that 2022’s annual inflation would be below 30% as was previously forecasted by the government.

After a slump of 37.2% in the first quarter, the statistics committee reported that gross domestic product declined by 30% in the third quarter 2022.

According to the economy ministry, it previously stated that they had to reduce their economic outlook for the whole year. GDP is expected to drop by 33.2%. According to the International Monetary Fund, Ukraine’s economy will shrink by 35% in this year.


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