Consumer inflation accelerated to 8.6% year-on-year in September against 7.5% in August.
“The actual pace of price growth was higher than the forecast published in the Inflation Report for July 2024. At the same time, core inflationary pressures also increased more strongly than forecast. Thus, the core inflation indicator rose to 7.3% in September from 6.5% in August”, the National Bank commented on the inflation rate in September 2024.
The regulator explained that the deviation from the forecast is due primarily to a sharper acceleration of food price inflation stemming from the limited supply of certain types of products. Raw food prices rose sharply to 7.1% year-on-year, while administratively regulated prices accelerated slightly to 14% year-on-year.
“Inflationary pressure will persist in the coming months due to an increase in budget expenditures, further aggravation of disparities in the labor market, as well as an expected increase in the electricity deficit during the heating season,” the National Bank predicts.