Inflationary Rhythms Taper Off: Prices Rose by 18% in April

According to data released by the National Bureau of Statistics, inflationary pressures in the economy have shown signs of moderation, although prices continue to rise at a substantial rate. In the month of April, annual price increases reached 18%. The cost of food products rose by 16.4%, non-food goods increased by 10.6%, and services provided to the population surged by 33.2%.

Examining specific categories, the highest price hikes were observed in the food products sector. Sugar prices experienced the most significant increase at 42.3%, followed by fruits at 34.8%, vegetables at 32%, and bread at 17.8%.

Within the non-food goods category, the largest price increases were registered in construction materials, which rose by 13%. Footwear prices surged by 12%, while clothing prices increased by 10%.

When it comes to services, communal and housing services recorded the most substantial growth, with an increase of 82.7%. Natural gas prices soared by 92.8%, centralized heating costs surged by 68.3%, and electricity prices rose by 46.3%.

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Looking ahead, it is projected that the average annual inflation rate for 2023 will be 13.5%. Over the following two years, the inflation rate is expected to decrease to 5.5% and 5% respectively. By the end of 2023-2026, the inflation rate is forecasted to stabilize at 6%, 5.5%, and 5% respectively.

These inflationary trends highlight the ongoing challenges faced by consumers and businesses alike. Rising prices, particularly in essential goods such as food and housing, put additional strain on household budgets and contribute to the overall cost of living. Policymakers will need to carefully manage these developments to ensure the stability of the economy and mitigate the impact on citizens’ well-being.

It remains to be seen how the government and relevant authorities will address the inflationary pressures and work towards achieving a more sustainable and balanced economic environment for the benefit of all.

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