Economy 2021-11-15T06:33:41+02:00
Ukrainian news
NBU: March Inflation Caused By Food Price Hikes

NBU: March Inflation Caused By Food Price Hikes

food, price, inflation

The National Bank of Ukraine says the inflation in March of 1.1% accounted for food price hikes.

The central bank announced this in a statement, Ukrainian News Agency reports.

The statement reads that food price hikes was the main reason for inflation in March and February.

The factors of the inflation pressure were further growth in production costs, including growing costs for wages.

The central bank also notes the quick restoration of the consumer demand in the country.

The statement reads that the inflation pressure was mitigated by the tough monetary policy of the National Bank of Ukraine, including through the exchange rate.

In line with the expectations of the central bank, the increased discount rate has made financial instruments in the hryvnia more attractive and that has facilitated inflow of foreign capital. Coupled with the increasing earnings of exporters this has changed the devaluation trend and the hryvnia has been strengthening against the USD since January 2018.

As Ukrainian News Agency earlier reported, the consumer prices rose by 1.1% in Ukraine and March 2018.

In March 2018, consumer prices rose by 13.2% over March 2017.

Inflation in the first three months of 2018 made 3.5%.

In April, the National Bank of Ukraine retained the forecast of GDP growth in 2018 at the level of 3.4%, inflation at the level of 8.9%.

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