The surplus of food and fuel, the de-occupation of some regions, and the stabilization of the energy system slowed inflation to 22% in March,

according to the graph published in the NBU’s Macroeconomic and Monetary Review for April 2023.

It is noted that the fundamental inflationary pressure also eased under improving expectations in the conditions of a favorable situation on the foreign exchange market and still weak consumer demand. This offset the effects of high business costs previously incurred due to electricity shortages.

According to the NBU, prices increase for several food products slowed down. However, the price of some vegetables rose sharply in March. Also, the growth rate of egg prices remained high.

At the same time, the growth rate of fuel prices decreased rapidly due to sufficient reserves and the annual decrease in global oil prices. In addition, the stabilization of fuel prices contributed to the reduction in the rate of increase in the price of transport services.