Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Ukraine's inflation quickens to 4.8% y/y in June on higher electricity prices

Published 07/10/2024, 09:19 AM
Updated 07/10/2024, 09:22 AM
© Reuters. Smoke rises in the sky over the city after a Russian missile strike, amid Russia's attack on Ukraine, in Kyiv, Ukraine July 8, 2024. REUTERS/Stringer

KYIV (Reuters) - Ukraine's consumer price inflation quickened to 4.8% year-on-year in June fuelled by an increase in consumer electricity prices, the statistics service said on Wednesday.

Inflation was 3.3% in May year-on-year, it said.

The statistics service said in a statement that electricity prices jumped by 63.6% in June.

Ukraine's government was forced to increase electricity prices as it hunts for funds to repair the energy system, severely hit by the Russian bombardments.

Since March, Russian forces have stepped up their missile and drone attacks on the Ukrainian power infrastructure, knocking out the bulk of the thermal and hydropower generation capacity.

Ukrainian officials have said that about half of the available generation capacity was destroyed in the past four months.

© Reuters. Smoke rises in the sky over the city after a Russian missile strike, amid Russia's attack on Ukraine, in Kyiv, Ukraine July 8, 2024. REUTERS/Stringer

As businesses increasingly use generators to produce electricity, fuel prices have also increased. The statistics data showed that fuel prices grew by 25.5% in June year-on-year.

Ukraine's central bank expects inflation to accelerate to 8.2% in 2024 after 5.1% in the previous year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.