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High utility prices pose challenge to Ukraine's inflation target

Xinhua, November 9, 2016 Adjust font size:

Ukraine's utility prices edged up 39.8 percent from January to October, 2016, official figures showed Tuesday, fuelling fears that the country's inflation rate may exceed the targeted indicator at the end of the year.

Since the beginning of 2016, the consumer prices in Ukraine were up 9.4 percent, driven by a 60-percent surge in electricity prices, a 54.3-percent increase in heating costs and a 42-percent rise in gas bills, the State Statistics Service said in a statement.

The pace of the inflation is expected to further accelerate in November and December, the two cold months, on rising demand for heating, gas and electricity. Thus, some local analysts believe that the government may fail to reach the targeted inflation of 12 percent at the end of the year.

The consumer prices in Ukraine rose by 43.3 percent in 2015, a record level in 20 years. Endit