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National Bank of Ukraine improves inflation forecast in 2020, worsens it in 2021

Source : 112 Ukraine

The previous rate of inflation this year made 4.7 percent; under the new forecast, it is expected at the rate of 4.1
16:32, 22 October 2020

Open source

The National Bank of Ukraine (NBU) has improved the inflation rate forecast until the end of this year - from 4.7 to 4.1 percent. However, the next year's rate forecast has worsened - from 5.5. to 6.5 percent. The NBU press office reported that on October 22.

The authority considered a weak dynamic of cinsumer prices in Q3 2020, so the yearly forecast has been revised, and will now make 4.1 percent. "In 2021, the index of consumer prices will grow to 6.5, affected by further revival of the economy, current weakening of hryvnya (Ukraine's national currency), and the increase of minimal salary, which will stimulate domestic demand", reads the message.

Related: Ukraine expects surge in inflation in early 2021, - Economy Ministry

The increase of prices' growth in late 2020 will take place due to further restoration of economic activity, on the background of mild fiscal and monetary policy, and due to the growing prices for energy carriers.

The NBU's expectations for the tinflation rate in 2022 are kept on the level of 5 percent.

Earlier, the National Bank kept the 2020 forecast of Ukraine's GDP growth by 6 percent.

Related: In September, inflation in Ukraine rose by 0.5%

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