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Central bank predicts inflation to be less than 10%
KYIV, September 12 /UKRINFORM/. The National Bank of Ukraine (NBU) believes that inflation will further remain within the projected range and sees the prospect of hryvnia strengthening.
In his statement on inflation expectations, Serhiy Arbuzov, the head of the National Bank of Ukraine, has said that the second consecutive month there is a significant reduction in the overall consumer price level in Ukraine.
Thus, according to the central bank chief, in July this year the State Statistics Service recorded a decrease in consumer prices of 1.3%, in August - another 0.4%.
"Thus, inflation in annual terms was reduced to a simple number, namely, to 8.9%. Let me remind that the maximum inflation rate this year has been in June when in annual terms it reached 11.9%. Certainly, the decline in consumer prices to a certain extent is due to a seasonal factor of yield. However, our calculations show that concerted actions of the National Bank and the government of Ukraine have most contributed to the cheapening of food products. The National Bank, for its part, provided the reduction in inflationary pressure from excess liquidity that existed in the banking system. It is known that the extra money in the economy ultimately lead to the increase in the price of a wide range of consumer goods," the NBU's press office quoted Arbuzov.
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