The national Bank explained the slowdown with a growth of hryvnia

Нацбанк объяснил замедление инфляции ростом гривны

Prices are rising more slowly, due to the strengthening of the hryvnia

Dynamics of consumer price inflation indicates easing inflationary pressure, saying the NBU.

The inflation rate in February almost matched the forecast of the National Bank. The main factor slowing the growth of prices was the strengthening of the hryvnia. This is stated in comments on the website of the NBU.

It recalled that consumer inflation in February, in annual terms slowed to 8.8% from 9.2% in January. On a monthly measurement of prices rose by 0.5%. Core inflation in annual terms in February slowed to 7.8% from 8.3% in January.

“Core inflation has slowed somewhat faster than expected due to a significant strengthening of the hryvnia exchange rate. This was compensated by a higher growth rate of prices for food products, driven mostly by temporary factors,” – said in the message.

In NBU note that slowed down the growth of prices for food products (2.8% yoy). This occurred primarily due to the strengthening of the hryvnia exchange rate, which affected the prices of imported goods.

According to the report, the growth rate of prices for services fell to 14.1% y/y. the Annual rate of growth of prices for food products with a high degree of processing has fallen to 9.2% yoy growth of the prices of raw food in February accelerated to 4.6% yoy. growth of administratively regulated prices remained unchanged (18.7 per cent yoy). Fuel prices continued to fall (5.9% yoy) due to the fall in world oil prices in the previous months and the strengthening of the hryvnia.

“The current dynamics of consumer price inflation and its components indicates a weakening of inflationary pressure, which corresponds to the forecast of the National Bank”, – stated in the message.

Earlier it was reported that since the beginning of the year, the hryvnia has strengthened by about 4.5%.

The NBU stated that it did not hold the hryvnia after the election it will fall in value will not.

 

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