War-torn Ukraine hit highest inflation in 7 years

Amid Russia's ongoing invasion of Ukraine, inflation in the war-torn nation reached the highest level in seven years in 2022, standing at 26.6 per cent, according to official statistics.

Last year, the country's inflation was driven by higher prices for transport services and food commodities, which rose by 42.9 and 34.4 per cent respectively, Xinhua news agency quoted a report published by the country's State Statistics Service as saying.

Costs for household appliances also contributed to inflation growth, rising by 26.5 per cent in 2022.

Prices for alcohol and tobacco, healthcare services, hotels and restaurants also saw double-digit growth last year.

In 2021, inflation in Ukraine rose to 10 per cent from 5 per cent a year earlier.

Also in 2022, the Ukrainian economy suffered its largest losses and damage in the entire history of independence as a result of the war.

In December 2022, Ukraine's GDP declined 34 per cent due to a certain stabilisation of the situation with energy supply, after a fall of 37 per cent in November, according to the government.

In the fourth quarter of last year, Ukraine's economy had experienced a decline of 35.5 per cent compared with the same period in 2021. (SJ/IANS)