Residents of Kirovohrad region should experience the largest price increase, and Zaporizhzhia should experience the smallest
17 January 12:08
In 2024, the highest inflation was in Kirovohrad region, the lowest in Zaporizhzhia region. This was reported by Danylo Hetmantsev, Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, citing data from the State Statistics Service, Komersant ukrainskyi reports.
According to statistics, in 2024, there were significant differences in price growth in individual regions, the rate of change of which sometimes differed by more than three times.
Danylo Hetmantsev cites the following data in his post:
– “Food inflation was highest in Kyiv (17.6%, hereinafter referred to as December 2023) and lowest in Zaporizhzhia region (11.5%).
– Clothing and footwear went up by 6.4% in Zhytomyr region, while in Kyiv they fell by 11.2%
– Utility prices rose the most in Kirovohrad region by 26.2%, and the least in Poltava region by 14.2%.
– Household appliances and housing maintenance went up by 6.3% in Kyiv, and fell by 1.5% in Kherson region.
– Healthcare services increased the most in Lviv region (17.9%), and the least in Chernihiv region (8.8%).
– Educational services went up by 19.6% in Kyiv region, while in Zhytomyr region the growth rate was almost three times lower (7.1%).
– Transportation services rose the most in Odesa region (10.3%), while in Volyn region – only by 3.3%.
In general, according to the MP, the growth of consumer prices in Ukraine in 2024 was recorded at 12%, by region, the highest inflation was in Kirovohrad region (13.8%) and Kyiv (13.5%), the lowest in Zaporizhzhia (10.7%) and Kherson regions (11.1%).

What products and how did they rise or fall in price
In 2024, according to statistics, borscht vegetables rose in price the most, while pork and lard fell in price.
The basket of 54 goods and services monitored by the State Statistics Service saw the highest price increases in 2024:
– Cabbage ( 204%, hereinafter referred to as December 2023)
– Carrots (150%)
– Potatoes (96.6%)
– Apples (71.9%)
– Beets (71.3%)
– Butter (40%)
– Imported antibiotics (25.9%)
– Wheat flour (25.7%)
– Sour cream (25.5%)
– Filter cigarettes (25.1%)
At the same time, in 2024, there were some products that fell in price:
– Pork (-4.6%)
– Millet (-4.4%)
– Lard (-4.2%)
– Vodka (-1.6%)
– Diesel fuel (-0.8%)
– Sugar (-0.4%)
What influenced inflation in 2024
According to Danylo Hetmantsev, a lot depends on the harvest and weather conditions, which were not very good last year, storage capacity, quality of seed, opportunities and price conditions for export/import and other factors that played a negative role in the year.
As for meat, according to specialized associations, despite the rise in feed costs, pork and lard producers were forced to reduce prices somewhat due to a decline in domestic demand for their products. At the same time, export opportunities, unlike chicken, are limited.
At the same time, rising energy and labor costs, as well as the effects of the hryvnia’s depreciation, remained the fundamental pro-inflationary factors that affected most consumer goods and services.
All of this combined to accelerate inflation in 2024, from 5.1% at the end of 2023 to 12% at the end of 2024. And for some items, in particular, the borscht set, it led to a galloping price increase.
In general, Danylo Hetmantsev notes, the NBU estimates that inflation will slow down starting in the second half of this year.

How does the National Bank explain the reasons for the acceleration of inflation?
The NBU believes that the main reason for the increase in inflation is the record high temperature and drought in the summer and fall of 2024. Volodymyr Lepushynsky, Director of the NBU’s Monetary Policy and Economic Analysis Department, told RBC Ukraine in a commentary.
According to him, such weather conditions led to a rise in the price of vegetables. Prices for grain and, as a result, for feed and livestock products have also risen. However, the impact of this factor will be exhausted with the arrival of the new harvest. Dry weather may be the second year in a row, but the risk is low. Even so, the shortage of domestic produce will be offset by imports, with vegetable prices already equal to the cost of imports.
According to the expert, the impact of higher energy and labor costs will also decrease: energy costs have largely already been reflected in the cost of goods and services, while wages will continue to grow, but at a slower pace.
According to Volodymyr Lepushynsky, the annual inflation rate will accelerate until April-May due to the effects of the comparison base, and then begin to slow down.
However, the temporary nature of most inflationary factors should not be a reason for complacency, so the NBU is taking steps to contain inflation.
What the NBU intends to do
The NBU representative reminded that in mid-2024, the cycle of key policy rate cuts was terminated. In December, the NBU switched to raising the key policy rate. The expert also hinted that the NBU would continue to use this tool.
Another important measure is to maintain the stability of the foreign exchange market.
According to Volodymyr Lepushynsky, Director of the NBU’s Monetary Policy and Economic Analysis Department, the NBU has the resources to balance the foreign exchange market, the volume of international reserves in 2024 is at a record level and they will continue to be replenished with international assistance, the uncertainty of which has significantly decreased for 2025.