Inflation exceeded the regulator's forecast.
The inflation rate in Ukraine, which reached 12.9% in annual terms in January, turned out to be higher than the National Bank of Ukraine forecast.
This is discussed on the regulator's website.
According to the agency, actual inflation exceeded the NBU forecast for three main reasons:
- greater than expected growth in administratively regulated prices for goods and services
- rather growth in the cost of market services
- core inflation accelerated to 11.7%
The main factors in the price growth in January were raw food products, which rose in price by 11.8%.
“In January, the annual growth in prices for raw products slowed down for the second month in a row. Record-warm January weather contributed to an increase in the supply of eggs and milk. The supply of vegetables and fruits expanded due to increased imports. However, prices for pork, chicken, and sugar approached the prices of trading partner countries against the backdrop of stable exports. The growth in prices for flour and cereals also continued under the influence of last year's low harvests,” the NBU said in a statement.
The agency also noted that prices for non-food products accelerated their growth to 4.3% due to exchange rate effects in previous periods. At the same time, prices for clothing and footwear remained lower than in the past.
We remind you that annual inflation in Ukraine has grown by 12% over the past year, including 1.4% in December (compared to the previous month). This is evidenced by data from the State Statistics Service.
Prices for food and housing and communal services, education and health in 2024 increased, while prices for clothing and footwear decreased. Economists say that global factors played a significant role in this.
