Inflation in Ukraine slowed to 0.5% in Oct, annual figure fell to 5.1%

Consumer prices in Ukraine rose 0.5% in November after rising 0.8% in October and 0.5% in September, Ukrainian media reported, citing the State Statistics Service, Azernews reports, citing Interfax.

Annual inflation slowed to 5.1% in November from 5.3% in October, 7.1% in September, 8.6% in August and 11.3% in July.

Core inflation was 0.3% in November, 0.4% in October, 0.9% in September and zero in August and in July. It slowed to 5.7% in annual terms in November, from 6.8% in October, 8.4% in September and 10% in August.

Headline inflation was 4.4% and core inflation 4.9% for 11M 2023.

Food and non-alcoholic beverages rose 0.8% in price in November. Vegetables grew the most, by 13.2%. Prices rose 1-2.6% for milk and dairy products, butter, salo, beef, eggs and bread, but fell 0.6-4.3% for sugar, processed grain products, pork, fruits, sunflower oil, poultry meat, rice and pasta.

Prices for alcoholic beverages and tobacco products increased 0.3%, due to an increase in the price of tobacco products by 0.8%.

Clothing and footwear fell 3% in price, including clothing 3.4% and footwear 2.7%.

Transport fares grew 0.9% due to 1.8% growth for fuels and lubricants and the cost of road passenger transport.

The National Bank of Ukraine at the end of October again improved its inflation outlook for the year, from 10.6% to 5.8%, and but worsened that for 2024 from 8.5% to 9.5%.

The government at the beginning of November improved its inflation outlook for 2023 from 14.7% to 7.1% and that for 2024 from 10.8% to 9.7%.

Ukraine had headline inflation of 26.6% in 2022 and 10% in 2021.