Inflation in Ukraine has accelerated rapidly, surpassing forecasts

In November, consumer inflation in Ukraine rapidly accelerated to 11.2% year-on-year, exceeding October’s forecast.

This was reported by the National Bank of Ukraine in its December macroeconomic report.

According to the document, by the end of the year, prices for all consumer goods and services rose sharply. This included food, clothing, footwear, financial services, mobile communications, education, culture and recreation, dining out, hospitality services, personal care products, fuel, alcohol and tobacco, pharmaceuticals, medical supplies, and equipment.

There was also continued acceleration in administrative and food inflation. However, administrative inflation (caused by changes in tariffs of natural monopolies) was somewhat restrained by a moratorium on increasing tariffs for certain utilities for households.

As reported yesterday by the media, the new week on the foreign exchange market began with another rise in the dollar. The National Bank of Ukraine raised its official exchange rate, setting another historical high.