Ukraine's annual consumer inflation at 8-year high in July

Surging for the sixth consecutive month, Ukraine's annual consumer inflation rose to an eight-year high in July, official data showed on Wednesday.

Consumer prices jumped 22.2% year-on-year in July, up from 21.5% in June, according to the country's statistical authority.

In July 21, Ukraine's central bank devalued the national currency by 25% against the greenback in order to protect its foreign exchange reserves as the ongoing war continues to batter its economy.

Prices surged for food and non-alcoholic beverages to 28.9%, household items and furnishings to 16.2%, restaurants and hotels to 16.4%, and education to 16.1% while transportation costs eased to 40.4%, but still remain at high levels.

On a monthly basis, Ukraine's consumer price index increased 0.5% in July, slowing down from 0.6% in the previous month.