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Russian embargo to Ukrainian goods impact 0.4% deflation in Ukraine – economy ministry

Russian embargo to Ukrainian goods impact 0.4% deflation in Ukraine – economy ministryEmbargo to Ukrainian foods and nonfoods imposed by Russia, restrictions of transit of Ukrainian goods to third countries and imports of Turkish goods have resulted in saturation of the Ukrainian market with goods. This was one of the reasons of 0.4% deflation recorded in February, Ukraine's Economic Development and Trade Ministry has reported.

"The February price decline is mainly linked to saturation of the domestic market with foods (including due to Russia's bans and restrictions) in the conditions of continuous low solvency of the public and the effect of low prices on the global food market," the ministry said.

Citrus fruit imports from Turkey to Ukraine since early 2016 has increased by 1.6 times. Fresh fruit and berries have grown by 46.6%. This entailed the fruit price decline by 2.1% (17.5% up in February 2015), while vegetable prices have increased only by 0.2%.

Read also: Ukrainian exporters' direct losses from Russian embargo estimated at $98 mln

"We have not anticipated that the economy pace would change so radically… In general, high price volatility both in Ukraine and on the global markets is hardly to predict. It is destructive, as it complicates planning at all levels," the ministry said.
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