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The inflation accelerated primarily due to a rapid increase in prices of raw food as a result of their insufficient supply.
The National Bank of Ukraine (NBU) has said the country's actual inflation rate in May 2019 at 9.6% year-over-year (y-o-y) exceeded the forecast published in the regulator's inflation report.
The inflation accelerated primarily due to a rapid increase in prices of raw food as a result of their insufficient supply, the NBU said on its website on June 11.
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In addition, high fuel prices were related to difficulties with imports from Belarus and Russia.
At the same time, core inflation in May, as in previous months, was slightly below the forecast, being 7.4% in annual terms.
"The actual inflation rates, in particular, the core one, indicate that the fundamental inflationary pressure in general is in line with the National Bank's expectations. However, the overall inflation rate exceeded the forecast trajectory, primarily due to the effect of temporary supply factors," the regulator said.
Updated estimates of the impact of these and other factors on inflation rates, as well as a forecast for other macroeconomic indicators will be made public on July 18, it added.
As UNIAN reported earlier, inflation in Ukraine in May 2019 stood at 9.6% year-over-year (y-o-y), having accelerated from 8.8% recorded in April 2019 y-o-y.
Ukraine's national budget for 2019 is based on 3% growth of real GDP amid 7.4% inflation.
The National Bank of Ukraine predicted a slowdown in inflation to 6.3% in 2019, while the International Monetary Fund and the World Bank – to 7.3%.
According to the consensus forecast by experts polled by UNIAN, this year, Ukraine will see a slowdown in consumer price growth to 7.2%.