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Analysts see Ukrainian inflation rising further in September: Reuters poll By Reuters

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© Reuters. FILE PHOTO – A woman walks by an ATM while people pass her in central Kharkiv on September 18, 2018, Ukraine. Picture taken September 18, 2018. REUTERS/Gleb Garanich

Natalia Zinets

KYIV (Reuters – Ukrainian inflation likely accelerated in September due to rocketing prices for gas on the external markets. However, it could slow down at the end 2021 because of central bank and government measures, a Reuters monthly survey showed.

The median prediction of Ukrainian analysts was that September inflation would rise to 10.7% from 10.2% in August. A rise of 11.5% was predicted by the highest forecast.

Ukraine imports about a third and a half of its petrol, as well as more than one-third of the gasoline it uses.

The global energy and food market prices are still very high. The incessantly increasing prices in Europe create additional anxiety,” said analysts from Raiffeisen Bank’s Ukrainian branch.

It “creates additional risks for persistently high inflation”, they said.

The central bank increased its interest rate by 8.5% in September from 8.0%. This is the fourth increase of 2021 and aims to lower inflation to around 5%.

A majority of central bank’s members believed that current interest rates would not be sufficient to reverse the rising trend in inflation.

Reuters analysts forecasted that inflation would slow to 9.5% by 2021, as a result tighter monetary policy.

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