In monthly terms, consumer goods prices increased by 1.8%. The rise in inflation was significantly impacted by the increase in raw product prices due to adverse weather conditions affecting agriculture. The escalation in raw material, feed, and production costs, including energy, influenced the prices of flour, cereals, milk, and meat. Fuel prices rose faster than expected, as explained by the regulator, and business expenses for electricity and wages also increased.
Prices for non-food items accelerated their growth (by 2.9% year-on-year), primarily due to changes in the exchange rate. Prices for clothing and footwear rose, while alcoholic beverages, tobacco products, medicines, and medical goods became "rapidly" more expensive, as noted by the National Bank.
Services in Ukraine increased by 11.0% year-on-year, with the highest growth occurring in the healthcare, communications, and personal care sectors. However, the growth in transportation costs and vehicle operation, as well as insurance, has slowed down, according to the report.
As noted by the NBU, in their October forecast, the regulator anticipated inflation would exceed 10% by January 2025. "However, given the latest actual data, the risks have increased that this may happen sooner." The regulator expects inflationary pressure to persist until spring.