Inflation spiked up to 7.5% yoy in February, a jump from the 6.1% yoy increase in January

Inflation spiked up to 7.5% yoy in February, a jump from the 6.1% yoy increase in January, reported the State Statistics Service. Last month, the biggest factor was a 45% yoy increase in price of natural gas. The recent price hikes in world oil prices will be reflected in March inflation. Last week, the National Bank of Ukraine got a jump on the inflation rise, hiking the prime interest rate to 6.5%, from 6%. The central bank predicted that inflation will peak this summer, then recede to around 5% yoy by December 2021.