NBU explained the price increase in Ukraine and outlined ways to reduce inflation to 5%.

National Bank: inflation in Ukraine will remain high

The National Bank of Ukraine reported that the country will continue to experience inflationary pressure in the coming months due to increased budget expenditures, labor market issues, and anticipated electricity shortages in the heating season. This was reported by the NBU press service.

Consumer inflation indicators in September 2024 reached 8.6% year-on-year, which is higher than expected in the NBU report. This is due to the rapid price increases for food products due to limited supply and fundamental inflationary pressure. The core inflation indicator also rose from 6.5% in August to 7.3% in September.

The National Bank emphasizes that its monetary policy aims to reduce inflation to 5% from the beginning of 2025. However, current inflation indicators do not allow achieving this goal in the near future.

According to the State Statistics Service, food prices in Ukraine continue to rise. The situation worsened due to the increased cost of food raw materials and production costs, including energy supplies and labor costs.