The Ministry of Economy of Ukraine told what will happen to prices in 2024

Prices in Ukraine will continue to rise in 2024, but inflation will slow down. This was reported by the Ministry of Economy.

At the beginning of the year, in the absence of force majeure, we can expect a continuation of the trend of low inflation, although, probably, in general, it will exceed the previous year's figure," the ministry said.

The ministry pointed out that in November 2023, consumer inflation slowed to 0.5% per month, in the annual calculation was 5.1%.

These are quite low figures as for a country at war," the officials said.

According to them, the salvation for the economy was the fact that there were enough goods and services on the market, which meant that consumers had a choice, which, in turn, influenced prices.

At the same time, according to experts, the war continues to slow down economic processes.

Ukraine still has a labour shortage, there are large-scale migration flows, and many production facilities were destroyed during the fighting. In addition, against the background of high security risks and increased uncertainty, in particular on the financing of 2024, conditions are being created for the growth of price volatility and, as a result, the acceleration of inflationary processes in Ukraine," the Ministry of Economy said.

We would like to add that the NBU raised the inflation forecast for 2024 - from 8.5% to 9.8%. In the future, the National Bank believes that inflation will slow down to 6 per cent in 2025.