If the power’s approaches to economic policy are not changed, the factors that led to a record increase in consumer prices last year will continue to put pressure on their growth this year. This was written by the MP from the Opposition bloc Serhiy Lovochkin in his request to Prime Minister Volodymyr Groisman. He requires the government to take immediate measures to stop the uncontrolled rise in prices and tariffs.

“Maintaining a high double-digit inflation for the fourth year in a row “eats up” a nominal increase in social standards, which growth rate has long lagged behind the growth in prices in stores and markets. As a result, even according to the power’s optimistic calculations, in 2017, 40% of Ukrainians lived below the poverty line,” Serhiy Lovochkin noted.

He cited data that in 2017, compared to December 2016, inflation in Ukraine was 13.7%. This is the highest rate among 43 countries in Europe. It exceeded both the previous year’s indicator (12.4%) and the forecast indicator (8.1%), which was first laid by the government in the budget for 2017. Annual inflation was also much higher than the target value set by the National Bank for 2017 (8 +/– 2%) within the framework of the inflation targeting regime.

The politician stressed that last year food prices grew at the highest rates, which especially hit socially vulnerable citizens. In general, food prices increased by 18.3% over the year: bread has risen in price by 20.1%, meat – 29.4%, milk – 23.1%, cheese – 19.8%.

In addition, according to the data given in the request, fewer people in Ukraine are able to timely pay for the constantly growing communal tariffs. Over the year, the cost of utility services increased by 10.6%, including water supply – by 20.2%, electricity – 28.1%, maintenance of houses – 47.5%. Road transport significantly rose in price – 22.7%.

“In just 4 years, prices rose 2.3 times. According to the IMF, Ukraine is among the five countries with the highest inflation rate for the specified period. It is worse only in Venezuela, Sudan and Southern Sudan,” Serhiy Lovochkin emphasized.

“If we do not change the power’s approach to economic policy, the factors that led to a record increase in consumer prices last year will continue to put pressure on their growth this year. I urgently demand to take measures aimed at stopping uncontrolled price increases and tariffs, which leads to a significant reduction in the standard of living of citizens,” the MP stated.