Inflation in November accelerated to 3.8% year on year in Ukraine influenced by the rise in prices of basic foodstuff

Published 2020년 12월 12일

Tridge summary

In November 2020, Ukraine saw an increase in annual consumer inflation to 3.8% from October's 2.6%, with a monthly rise of 1.3%. This acceleration was attributed to factors such as rising energy prices, worse crop yields, a weakening hryvnia, and increased production costs. The rate of inflation was driven by a 4.4% increase in the prices of basic foodstuffs, leading to higher prices for sunflower oil and its products, pasta and flour products, and meat, butter, and fermented milk products. Despite higher production costs, the import supply has helped slow the rise in cheese prices. However, the decrease in prices for greenhouse vegetables has slowed due to a decrease in domestic supply and the introduction of more expensive imported products.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In November 2020, annual consumer inflation accelerated to 3.8% from 2.6% in October, and monthly prices rose by 1.3%. This was reported in the comments of the National Bank of Ukraine on the inflation rate in November this year, citing data from the State Statistics Service. "Actual consumer inflation has exceeded the trajectory of the forecast published in the Inflation Report for October 2020. The acceleration is due to rising energy prices, worse crop yields, the weakening of the hryvnia in previous months and rising production costs. Falling consumer demand for certain services and non-food products, including clothing and footwear, has somewhat curbed inflationary pressures, ”the commentary said. First of all, the acceleration of the general inflation rate was influenced by the outpacing rise in prices of basic foodstuffs - the growth rate of prices for them accelerated to 4.4% year on year. Thus, rising world prices for oilseeds and lower sunflower yields in Ukraine have ...

Source: Landlord