Ukrainian CPI in April is 99.7 percent of the price level in March. It is usually the case that inflation slows down or even turns negative in summer when local fruits and vegetables become cheaper. This time it is not seasonal, it reflects the overall depression of aggregate demand.
Moderate deflation caused by seasonal factors is not bad. However, if deflation is caused by some fundamental factors that depress the aggregate demand, it can lead to a protracted period of depressed economic activity.
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