Economy 2022-11-15T05:01:54+02:00
Ukrainian news
Consumer Prices Growth Peak Passed In 2021, Inflation To Further Decrease – NBU

Consumer Prices Growth Peak Passed In 2021, Inflation To Further Decrease – NBU

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National Bank, NBU, central bank, inflation, consumer prices

The National Bank of Ukraine notes that the peak of consumer prices growth in 2021 has been passed, and the inflation will further decrease.

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

In October 2021, the consumer inflation year over year slowed down to 10.9% (from 11% in September).

The prices rose by 0.9% month over month.

Actual consumer inflation slowed down as expected, but was slightly higher than the forecast published in the October 2021 inflation report.

This is, first of all, associated with more significant secondary effects from the rise in prices for energy resources.

The price growth rate of prices for processed non-food products increased (up to 13.2% year over year).

The rise in prices for pasta, bakery and dairy products accelerated as a result of high energy prices.

Prices for cereals grew faster, including due to trade restrictions imposed by Russia.

At the same time, the growth rates of prices for sunflower oil slowed down rapidly, exhausting the effects of the low comparison base and the start of processing of the new crop.

The rate of growth in the cost of services also accelerated (to 9.6% year over year).

Due to the increase in production costs of business, services of fast food establishments, restaurants, car insurance, hairdressing salons, beauty salons, culture and recreation establishments appreciated faster.

The reduction in the price of tourist services slowed down.

The growth rate of prices for raw food products slowed down (to 13.8% year over year).

The growth of administratively regulated prices continued to slow down (to 16% year over year).

The NBU notes that in the future, the growth rates of gas prices for the population declined rapidly due to the exhaustion of the effects of the low comparison base and the effect of annual contracts with tariff fixation.

Heating services rose in price more slowly also due to the preservation of unchanged tariffs for the population.

The growth in fuel prices accelerated (up to 33.9% year over year).

This was primarily due to the rise in oil prices on world commodity markets.

According to the National Bank's estimates, the peak in consumer price growth in 2021 has passed.

In the future, inflation will decline.

The NBU's October macro forecast assumes that inflation will reach a single-digit level at the end of 2021 and a target level of 5% at the end of 2022.

As Ukrainian News Agency earlier reported, in October 2021, consumer prices rose by 0.9%.

In the first ten months of 2021, the inflation made 8.5%.

The state budget for 2021 envisions a growth in consumer prices of 7.3% (December over December 2020).

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