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The NBU Comments on the June 2017 Inflation Figures

11 July 2017


 July 11, 2017

The NBU Comments on the June 2017 Inflation Figures

As expected, headline inflation accelerated to 15.6% yoy in June 2017 (up from 13.5% in May). In monthly terms, the CPI increased by 1.6%, according to data released by the State Statistics Service of Ukraine (SSU).

  • Core inflation accelerated to 6.8% yoy in June (stood at 0.2% mom).
  • As expected, raw food prices accelerated further (to 23.6% yoy and 7.2% mom). However, the pace of increase outperformed the NBU’s projections. Prices for fruit and vegetables accelerated to 40.7% yoy and 29.0% yoy, respectively.
  • Growth of administered prices and tariffs accelerated to 28.8% yoy (stood at 1.3% mom), primarily reflecting higher tariffs for cold water and sewerage effective from May.
  • As expected, fuel prices decelerated to 11.5% yoy (were down by 1.0% mom) against the backdrop of past decreases in global oil prices and favorable FX market conditions.



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