NBU notes rapid price growth for products: main reason named.

November 2024 brought accelerated consumer inflation in Ukraine to 11.2%, exceeding forecasts, reports the press service of the National Bank of Ukraine, referring to State Statistics data.

Compared to October, when inflation was 9.7%, the price increase has significantly accelerated. Core inflation also rose from 8.3% in October to 9.3% in November.

The main reason for the inflation increase is the rapid price hike of raw food products due to low harvests. The rise in prices for processed food products, business costs for energy supplies and wages, as well as the consequences of previous devaluation have also created additional pressure on prices.

The National Bank predicts that inflationary pressure will persist in the near term. However, the regulator expects that in 2025 inflation will decrease and gradually approach the target rate of 5%. This will be facilitated by improvements in the energy sector, expected increases in harvests, and alleviation of external price pressures.