Ukrainian Agribusiness Club forecasts 7-8% inflation in spring

The Ukrainian Agribusiness Club (UCAB) forecasts 7-8% inflation this spring, as grain, fruit and vegetables are expected to go up in price.

This was reported by the UCAB press service with reference to Strategic Development Advisor to UCAB's President Volodymyr Lapa.

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"We believe that the National Bank's forecasts of higher inflation, revised upwards to 7-8%, in spring with a slowdown in the pace of inflation in summer are realistic," he said.

"First of all, grain may go up in price, and a short-term, seasonal rise in prices of vegetables and fruit, which traditionally occurs in spring, is likely."

According to Lapa, there has already been a serious rise in the price of eggs in Ukraine, so their price will not increase significantly in the future. At the same time, the expert does not exclude a 5-10% rise in the price of meat due to the rise in the price of feed.

NBU forecast

In January, the National Bank revised its forecast for inflation growth in 2021 upward from 6.5% to 7%.

Food price hikes

• Early in 2021, prices of white cabbage in Ukraine started to grow.
• On January 31, 2021, the Ukrainian Association of Retail Suppliers predicted that retail prices of bread and bakery products would rise in Ukraine.
• In December 2020, an increase in prices of potatoes was recorded at Ukrainian markets.