Ukrainian inflation to be lower than projected in 2023 – National Bank of Ukraine

27 April, 07:08 PM
Inflation in Ukraine accelerated to 24.6% in annual terms (Photo:NBU)

Inflation in Ukraine accelerated to 24.6% in annual terms (Photo:NBU)

The National Bank of Ukraine (NBU) has revised its 2023 inflation forecast from 18.7% to 14.8%, stating that inflation will drop and return to a single-digit figure in the next years, the NBU’s press service reported on April 27.

“Inflation will continue to decelerate, including due to lower global energy prices, restrained domestic demand, and the effect of the NBU’s monetary policy,” the report says.

“Having considered the combined effect of the above factors and the situation in the energy sector, which was much better than expected, the NBU revised its 2023 inflation forecast, from 18.7%, to 14.8%.”

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A decrease in security risks will be the primary factor in the easing of price pressures in the coming years.

Under such conditions, inflation expectations are forecasted to improve, while the supply of goods is projected to increase thanks to a recovery in optimal logistics routes and production capacity.

This led to the NBU projection that inflation will decline to 9.6% in 2024 and to 6% in 2025.

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