“In November 2024, consumer inflation in Ukraine increased to 11.2% in annual terms, exceeding the forecasts indicated in the October Inflation Report of the National Bank of Ukraine (NBU). This is stated in the Macroeconomic and Monetary Review of the NBU for January 2025. Core inflation in November amounted to 9.3% in annual terms. The main factors of growth were the increase in the price of processed food products”, — write on: ua.news
In November 2024, consumer inflation in Ukraine increased to 11.2% in annual terms, exceeding the forecasts indicated in the October Inflation Report of the National Bank of Ukraine (NBU).
This is stated in the Macroeconomic and Monetary Review of the NBU for January 2025.
Core inflation in November amounted to 9.3% in annual terms. The main growth factors were the increase in the price of processed food products, the increase in business costs for energy supply and labor costs, as well as the devaluation of the hryvnia.
The rise in food prices is caused by a reduction in the supply of certain agricultural crops and livestock products, which affected both raw and processed products. The cost of non-food items also increased due to exchange rate fluctuations, including a slowdown in the decline in clothing and footwear prices.
Prices for services also increased — in the field of education, communication, culture, recreation, restaurant and hotel business, which was the result of higher production costs. Fuel prices remain under pressure from domestic factors, despite some slowdown due to lower global oil prices.
Administratively regulated inflation also accelerated: the increase in the cost of alcohol and tobacco products was due to devaluation and an increase in excise taxes in 2025. However, the moratorium on raising tariffs for housing and communal services temporarily limited their growth.
The rate of inflation in the manufacturing sector slowed to 24.1% year-on-year, partly thanks to a reduction in the rise in electricity and gas prices. However, in the extractive industry, prices have started to rise due to increased global demand, labor shortages and rising energy and logistics costs.
Demand for the currency dropped sharply in early 2025. The National Bank reduced sales from reserves to cover the structural deficit of the currency.
At the end of October, the National Bank of Ukraine sold 707.9 million dollars on the interbank foreign exchange market without purchasing foreign currency.
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