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Ukraine Inflation November 2023

Ukraine: Inflation drops to lowest level since December 2020 in November

Inflation inched down to 5.1% in November, edging down from October’s 5.3%. November’s reading represented the weakest inflation rate since December 2020. Looking at the details of the release, price growth for food and non-alcoholic beverages rose at a quicker pace in November, although prices for housing, water, electricity, gas and other fuels rose at a mostly steady pace compared to the previous month’s reading. Transportation price pressures were also broadly unchanged.

Annual average inflation fell to 15.2% in November (October: 17.0%). Meanwhile, core inflation fell to 5.7% in November, from October’s 6.8%.

Lastly, consumer prices increased 0.51% in November over the previous month, which was below the 0.80% increase recorded in October.

Analysts at the EIU commented on the outlook:

“The pace of disinflation will slow in 2024 as the one-off effects of a 2023 fall in food prices caused by export constraints disappear and economic growth picks up. […] Expansionary fiscal spending remains a risk for inflation, but the concentration of government expenditure in a single sector, the managed float in the first half of the forecast period, and the financing of deficits through aid and concessionary loans will prevent a serious build-up of inflationary pressures in the wider economy.”

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