The National Bank predicts a 20% annual increase in fuel prices

Oleg Panfilovych

The National Bank (NBU) predicts that the price of fuel in Ukraine will increase by 20% every year.

This is stated in the Inflation Report of the NBU.

In general, the growth of fuel prices in Ukraine slowed down significantly (to 66.2% in September), although their level stabilized at a high level.

The National Bank explained that the increase in costs caused by the war and expensive energy sources will remain important factors in the acceleration of inflation, in particular food inflation. The National Bank also added that the increase in the price of energy carriers remains one of the key factors in the increase in the cost of energy-intensive goods.

"This is confirmed by the strengthening of the influence of the "energy price" factor on the formation of future prices by enterprises. The prices of bread, processed dairy products and sausages grew at a higher rate. Also, under the influence of this factor and expectations regarding the reduction of production, sugar prices rose faster.