Prices In Ukraine“More Or Less Stable” Despite War - Economist


(MENAFN- UkrinForm) Mykhailo Nepran, the first vice-president of the Chamber of Commerce and Industry of Ukraine, a member of the Ukrainian Business Council, admitted possible price fluctuations due to market conditions while dismissing any reasons for price panic.

The pundit made the comment on the air of Ukrainian Radio , speaking of the government reducing the list of“socially significant products” for which the state vows price regulation, Ukrinform reports.

"Of course, there can be price fluctuations because this is a living market, but yesterday I monitored the shelves in some stores and they are full of products. Take pasta – there are Ukrainian, Italian, and Polish options. There is a discount on some of them. Therefore, there is reason to panic," he emphasized.

According to the expert, chicken producers foresee no price hikes for their products.

Read also: Ukraine's inflation pace in July lower than projected - NBU

"Recently, I spoke with one of the large chicken producers and asked if they predicted an increase in the prices of their products. They explained that there is enough grain and the price for it is quite loyal, their feed mills buy grain, make feed, and predict no increase in the price of chicken. Today, chicken is one of the most common and popular products in Ukraine and this large producer does not predict any price hikes. A vendor in a street market may put forward a higher price, telling you that they fed their chicken only wheat and that their production was eco-friendly," Nepran said.

The economist noted that prices are dictated by the market and today the situation in Ukraine is more or less stable, even in wartime.

"For the past seven months, our inflation is lower than in Poland, where there is no war. There is no reason to panic and it is not worth creating any artificial hype, which ultimately leads to an increase in prices," he emphasized.

As reported, the Cabof Ministers made changes to the order "On measures to monitor and analyze prices and the state of commodity markets", adopted in January 2022, according to which the State Statistics Service shall monitor consumer prices for socially significant goods not daily, but weekly.

In July, the government extended state regulation of prices for certain types of food products, while shortening the list of such goods. According to Resolution No. 650 "On Regulation of Prices for Certain Types of Food Products and Ensuring the Stable Work of Food Producers in the Conditions of Martial Law", the maximum markup is set at the level of 10% for high-grade wheat flour, 2.5% pasteurized milk (soft package), rye-wheat bread, C1 category chicken eggs, poultry (whole, quarter),“baton” loaf, and refined sunflower oil.

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