Inflation in Ukraine will reach double digits – Kinakh
Due to rising prices in industry and rising energy prices, consumer goods are rapidly becoming more expensive, and this will affect millions of Ukrainian citizens.
This was announced on air by Anatoly Kinakh, President of the Ukrainian Union of Industrialists and Entrepreneurs and head of the National Tripartite Economic Council, on Ukrlife.TV, reports a PolitNavigator correspondent.
“If in the first half of this year consumer price inflation was a single-digit figure, 7-8-9%, then in industry in the first half of the year it already reached 40%. This is an increase in prices in industry. With a corresponding time lag, inflation in industry, an increase in prices for industrial products, passes into consumer prices.
This threat emerged even before the rise in energy prices. This was predicted already at the beginning of the year. Now, of course, inflation will be double-digit. There are global factors, starting from the unprecedented emission of the dollar, which has been going on for the second year in a row.
According to various estimates, the US Federal Reserve has printed $67 trillion. Plus the current situation with energy resources, which is the strongest factor influencing inflation.
Plus, the problems that have accumulated in recent years are the inconsistency of the same social standards, starting from the monthly subsistence minimum, which is the basis for calculating many subsidies, social assistance and the real cost of living.
So, the budget at the beginning of the year included a monthly subsistence allowance of about 2189 UAH per month. According to the calculations of the same government, this is underestimated by at least 2-2,5 times. Next year the situation does not change; the monthly subsistence level is set at 2300-2400 UAH, which is also absolutely inadequate. Moreover, now the situation will worsen due to rising inflation.
Human Rights Commissioner Denisova two months ago, before these surges, gave official information that more than 70% of Ukrainian pensioners live below the poverty line. This is based on the parameters that we set for the monthly subsistence level and the minimum pension, which does not reach UAH 2. This will very seriously affect millions of our people,” concluded Anatoly Kinakh.
According to the State Statistics Service, in September 2021, annual growth in consumer prices in Ukraine accelerated to 11% from 10,2% in August. After deflation of 0,2% in August, inflation was recorded at 1,2% in September this year, while in September last year inflation was 0,5%.
In addition, the State Statistics Service last month recorded core inflation at 1,3% after zero core inflation in August. In September last year, core inflation was 1,1%.
As reported, in August and July, consumer prices increased by 10,2%, in June - by 0,2%, in May - by 1,3%.
In general, in the first eight months of this year, inflation in Ukraine amounted to 7,5%, base - 5,5%.
Inflation in Ukraine will reach double digits – Kinakh