Consumer price increase slows to 24 percent in April

Month on month, inflation was 0.7 percent.

Food prices rose by an annual 37.9 percent in April. Household energy prices increased by 41.8 percent. Gas prices rose by 59.4 percent and electricity prices grew by 27.3 percent.

The data show consumer durable prices increased by 9.3 percent. Motor fuel prices, which were capped for households until early December, increased by 26.0 percent.

Core inflation, which excludes volatile fuel and food prices, was 24.8 percent.

After the data release, the Ministry of Economic Development said in a statement that the war in Ukraine and the EU’s “failed sanctions policy” had resulted in “unprecedented inflation throughout Europe”, but the government aimed for inflation to be reduced to single digits by year-end.

Inflation peaked in January, the statement noted, adding that the rate of decrease was accelerating, and this trend would intensify in the second half of the year.

The ministry said food inflation on an annual basis was already almost 7 percentage points lower compared with its peak last December. Also, the price of fuels and household energy are also falling, it added.

It also noted new government measures to stimulate “significant competition” among food retailers with the aim of pushing food prices lower.