In monthly terms, prices for consumer goods increased by 1.8%. The rise in inflation was significantly impacted by the increase in raw food prices due to adverse weather conditions affecting agriculture. The escalation in the cost of raw materials, feed, and production expenses, including energy, has influenced the prices of flour, cereals, milk, and meat. Fuel prices rose more quickly than expected, the regulator explains, and business expenses for electricity and labor have also increased.
Prices for non-food items accelerated their growth (up 2.9% year-on-year), primarily influenced by currency exchange rate fluctuations. The prices of clothing and footwear increased, while alcoholic beverages, tobacco products, medications, and medical supplies saw "rapid" price hikes, as noted by the National Bank.
Services in Ukraine became 11.0% more expensive year-on-year, with the most significant increases in healthcare, telecommunications, and personal care sectors. However, the growth in transportation and vehicle operating costs, as well as insurance, has slowed, according to the report.
As noted by the NBU, in the October forecast, the regulator anticipated inflation would exceed 10% by January 2025, "however, considering the latest actual data, the risks of this happening sooner have increased." The regulator expects inflationary pressures to persist until spring.