said a press release of the bank. Growth in 2021 will be fueled by a rich grain harvest and the continued normalization of business activities, though slow progress on reform and rollout of the Covid-19 vaccination remain major risks to the forecast. Inflation accelerated over the course of 2021 to 11.0 % in September fueled by rising food and energy prices. This prompted the National Bank of Ukraine to tighten monetary policy and raise the refinancing rate four times already, from 6 % at the beginning of the year to 8.5 % in September 2021.