This is reported by RBK-Ukraine referencing the Macroeconomic and Monetary Review from the NBU (January 2025). Additionally, this information is provided by Kontrakty.UA.
The NBU does not provide specific figures for price growth; however, according to the released chart, annual inflation reached 12%. The State Statistics Service will publish official data on January 10.
According to the NBU, the primary factor for price increases remained food inflation. There has also been a continued acceleration in administrative inflation.
Fundamental inflationary pressure has intensified as well. Core inflation rose to 9.3% year-on-year in November due to the rapid increase in prices for processed food, further increases in business costs for energy provision and wages, as well as the effects of previous devaluation on prices, as stated in the report.
"Given that actual inflation has reached a double-digit level, public attention to inflationary processes has increased, and households' inflation expectations significantly worsened in December," the NBU added.
Prices in Ukraine
According to the central bank, in November, food inflation continued to accelerate sharply due to reduced supply of certain agricultural crops and livestock products, which caused price increases for both raw food products and secondary effects (due to rising prices for food raw materials) on processed food products.
Prices for non-food goods also saw accelerated growth, primarily influenced by exchange rate factors. This likely affected the slowdown in price reductions for clothing and footwear, noted the NBU. Financial services and services related to communication, education, culture and recreation, restaurants and hotels, as well as personal care, saw somewhat faster price increases due to rising production costs.
The annual growth in fuel prices slowed sharply in November. This is primarily associated with the downward trend in global oil prices and sustained subdued demand, according to the NBU.
Alcoholic and tobacco products experienced a more rapid price increase, influenced by exchange rate effects in previous months and the fight against shadow production. Additionally, the anticipated increase in excise duties on tobacco products starting January 1, 2025, may have prompted producers and importers to raise prices in advance, the report states.
The price growth for pharmaceutical products, medical goods, and equipment has also accelerated. As before, administrative inflation was restrained by a moratorium on raising tariffs for certain utility services for the population, the NBU added.
It is worth noting that, according to the State Statistics Service, consumer prices in Ukraine rose by 1.9% in November 2024. Annual inflation accelerated to 11.2%. The only higher annual inflation rate was recorded in July 2023 at 11.3%.