Consumer prices expected to drop, says Central Bank governor

2 May, 12:05 PM
National Bank Governor Andriy Pyshnyy (Photo:Олександр Медвєдєв / NV)

National Bank Governor Andriy Pyshnyy (Photo:Олександр Медвєдєв / NV)

Ukraine hasentered a stable disinflationary trend, suggesting further price declines are in the cards, National Bank Governor Andriy Pyshnyy told the We Are Ukraine TV channel on May 2, reported Ukrinform.

"Prices will fall," Pyshnyy stated.

“The demand for [foreign] currency is decreasing. This is the result, among other things, of the NBU’s monetary policy, which many people did not like and still do not like. This is the result that the Ukrainian energy sector, thanks to the effective work of the government and the courage of Ukrainian power engineers, has quickly restored its capacity. There are also external factors: energy prices have fallen slightly, and consumer demand is not so high.”

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Several factors indicate that Ukraine has entered a relatively stable disinflationary trend, Pyshnyy said, leading the central bank to revise its inflation forecast for the end of 2023.

"If in December we predicted inflation at 18.7%, by the end of the year we are now forecasting 14.6%," the NBU governor said.

Earlier, the NBU forecast that Ukraine’s inflation will slow to 14.8% in 2023, 9.6% in 2024, and 6% in 2025.

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