Inflation in Ukraine is slowing down: the annual rate has fallen to 10.9%

Inflation in Ukraine is slowing down: the annual rate has fallen to 10.9%

Price growth rates in Ukraine are decreasing, and the annual inflation rate in October 2023 is 10.9%, which is a significant drop compared to May, when it was close to 16%. This indicates positive changes in the country's economic situation.

The average consumer basket has increased by 10.9%. The leaders in price increases were:

• meat
• eggs
• fruits

At the same time, some products show the opposite trend: sugar, some vegetables, and olive oil have become cheaper. The assessment of inflation is based on a basket of over 300 items, which allows for a more accurate picture of price changes.

Future forecasts

The forecasts of the National Bank of Ukraine for 2024 indicate a further decline in inflation below 10%. By 2026, inflation may decrease to less than 7%. The NBU's long-term target is 5%. These data indicate attempts to stabilize the economy and improve the financial situation in the country.

The slowdown in inflation may positively impact the purchasing power of the population and contribute to the recovery of Ukraine's economy after significant challenges related to the war and energy crisis. The decrease in the rate of price growth can also ease the burden on household budgets, which is important in the context of high prices for essential goods. The National Bank's expectations for further inflation reduction confirm the gradual improvement of the macroeconomic situation in Ukraine, which may form the basis for more stable economic growth in the future.