Actual inflation in Ukraine in November higher than NBU's forecast

"The current dynamics of the consumer price index and its components exceed the forecast mentioned in the Inflation Report for October 2017 and shows that by the end of 2017 inflation will deviate more significantly from the previously announced benchmark," the NBU said in a comment.

Read alsoCore inflation in Ukraine accelerates to 8.6%The National Bank noted that prices of ultra-processed foods had grown more significantly than expected, reflecting the secondary effects of higher prices of corresponding raw products. Simultaneously, the growth of the cost of services accelerated due to higher production costs and increased consumer demand.

In addition, the NBU said, the weakening of the hryvnia in October-November pushed the prices of non-foods, which are mainly imported, including medicines, medical goods, household appliances, furniture, detergents and personal care products, somewhat up.

The State Statistics Service said that there was 0.9% inflation in November 2017 from October 2017. Inflation in November 2017 from November 2016 was 13.6%.

Ukraine's government forecast inflation in 2017 at 12.9%, while the NBU's forecast is 12.2% at the end of the year.

Ukraine's key donors, the International Monetary Fund and the World Bank, earlier projected the country's inflation might slow to 10% by the end of 2017.