The National Bank has identified the reasons behind the acceleration of price growth in Ukraine.

According to the NBU, in November 2024 consumer inflation in Ukraine increased to 11.2% annually, exceeding the forecasts in the October NBU Inflation Report. Core inflation reached 9.3% annually.

The growth was due to higher prices for processed food products, increased business costs for energy supply and labor, and the devaluation of the hryvnia. Food products became more expensive due to a reduced supply of certain crops and livestock products, affecting raw and processed product prices.

The cost of non-food products also increased due to the impact of the exchange rate factor, including a slowdown in the decline in prices for clothing and footwear.

Price increases were also recorded in the service sector – education, communications, culture, recreation, and hospitality as a consequence of increased production costs.

Inflation slowed to 24.1% in manufacturing, partly due to the reduction in the growth rate of electricity and gas prices. Meanwhile, prices started to rise again in the extractive industry due to increased global demand, labor shortages, and rising energy and logistics costs.