Food prices soared in Ukraine: what went up the most

Over the past year, food prices have risen significantly in Ukraine. The cost increased by 31.5%. This was stated by Yurii Lupenko, Director of the National Research Center “Institute of Agrarian Economics”, Academician of the National Academy of Agrarian Sciences.

Thus, in October 2022, the largest growth was recorded – by 4.2%, after which the growth rate decreased to 0.5-0.7% per month. In March, food prices rose by 2.3% compared to February 2023.

What has risen in price the most? 

Prices for vegetables increased the most, followed by eggs, then cheese and soft cheese. Prices for other products increased by less than 1%, while prices for sunflower oil and bread and bakery products even decreased. 

In March 2023, consumer food prices continued to slow down. In general, they increased by 26.5% compared to the same month in 2022, while in February they increased by 31.5% compared to February 2022, and in January they increased by 32.8% compared to January last year.

The main products that restrained the overall price increase in February 2023 were eggs – down 1.9% compared to January, butter (-0.4%) and other edible animal fats (-1.5%). In March, prices for sunflower oil (-0.7%), other edible animal fats, and bread and bakery products (-0.1%) decreased.

What will happen next?

Yuriy Lupenko believes that, given the forecasts for production and consumption for 2023, growth is expected to slow and even prices are expected to decline.

Author: Daria Skotchenko

Photo: pixabay