Actual rate of price growth was somewhat lower than trajectory of NBU forecast

The actual rate of price growth was somewhat lower than the trajectory of the National Bank's forecast.

This is stated in the message of the National Bank of Ukraine (NBU), Ukrainian News Agency reports.

In November 2023, annual (y/y) consumer inflation continued to slow down to 5.1% from 5.3% in October.

In monthly terms, prices increased by 0.5%.

The actual rate of price growth was slightly lower than the trajectory of the National Bank's forecast published in the Inflation Report for October 2023.

Core inflation also slowed slightly faster than expected, primarily due to price dynamics of non-food items, including clothing and footwear prices.

Raw food prices decreased by 1.5% y/y.

Thanks to the good harvest, the prices of vegetables continued to decrease, although at a somewhat slower pace than in October.

This is due to the price dynamics of individual products.

Thus, the price of potatoes rose against the backdrop of a reduction in the supply of lower-quality products.

The prices of tomatoes and cucumbers almost equaled last year's prices due to the switch to more expensive greenhouse products.

On the other hand, other vegetables mainly became cheaper.

Fruits also remained cheaper than last year, although the rate of price reduction for them also slowed down.

In particular, the fall in banana prices slowed due to their higher prices on European markets and logistical difficulties.

In addition, the price of apples increased due to a smaller supply than last year.

Cereals and flour fell further, reflecting low export prices and increased production.

The cost of eggs in annual terms also decreased due to the recovery of production volumes. The growth of milk prices slowed down.

The growth of administratively regulated prices slowed down to 10.8% y/y.

The rise in prices of alcoholic beverages and tobacco products moderated once again due to slower growth in production costs amid pressure from shadow supply and improving exchange rate expectations.

The moratorium on raising a number of tariffs for housing and utility services for the population continued to restrain administrative inflation.

On the other hand, the growth of prices for motor transport services accelerated slightly due to the increase in fuel prices.

Fuel price growth accelerated to 10.2% y/y.

Fuel prices rose at a higher rate in November, primarily against the backdrop of logistical difficulties.

This had the greatest impact on the cost of automobile gas.

Instead, other types of fuel fell in price at the end of November, reflecting the corresponding trends in the global oil market.

As Ukrainian News Agency earlier reported, inflation was 4.4% in January-November 2023.

To request a correction, please send an email.