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Inflation Spikes In Ukraine

New figures show that inflation in Ukraine during the first quarter of this year increased 20.3 percent compared to the January-March period in 2014, and that last month alone it rose by 45.8 percent.

The State Statistics Service released information on April 6 that showed the dramatic downturn for the economy last month.

The service reported that the price of basic foods and nonalcoholic beverages went up 15.6 percent in March and prices for clothing and shoes increased by 13.5 percent. However, the cost of housing rose only 1.1 percent.

The National Bank of Ukraine has forecast inflation running at between 26 to 34 percent for 2015.

The State Statistics Service noted that the figures do not include "occupied Crimea and Sevastopol, and also areas where antiterrorism operations are being conducted" referring to the Donetsk and Luhansk regions in eastern Ukraine, which are largely under the control of pro-Russian separatists.

Based on reporting by UNIAN, AFP, and TASS