25.01.17 16:57

Social standards to increase faster than inflation in 2017, - Rozenko

The government predicts that social standards will grow faster in 2017 than inflation.

This was announced by Vice Prime Minister of Ukraine Pavlo Rozenko on air of NewsOne TV channel, Censor.NET reports citing the Cabinet's press service.

"As of today, the government's philosophy says that social standards will grow faster than inflation. The state budget forecasts inflation at the level of 8-9 percent this year, and the minimum social standards are to rise by 10.1-10.2 percent on average. We will maintain that pace," Rozenko said.

Read more: Inflation in Ukraine estimated at 12.4 percent in 2016, - State Statistics Service

"If we see some additional risks to fuel inflation, the government will immediately react to them and amend the State budget accordingly, including in terms of increasing social standards," the vice prime minister said.

Rozenko stressed that the increase of the minimum wage up to 3,200 hryvnia ($114 monthly) will not lead to inflation. Quite the opposite, the minister said, the people will receive additional resources, which will positively affect the economic situation in the country.

"The people will have additional funds to spend on Ukraine's economy. The businesses will be able to receive additional resources via higher purchasing power of our compatriots," Rozenko said.

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