In September 2023, Ukrainian consumer inflation in annual terms (y/y) further slowed down to 7.1% from 8.6% in August. In monthly terms, prices increased by 0.5%. The actual rates of price growth were significantly lower than the forecast of the National Bank, published in the Inflation Report for July 2023.
The faster slowdown in inflation was caused primarily by a greater supply of food products, in particular vegetables and fruits of the new harvest, as well as better harvests of grain and oilseeds, including against the background of faster harvesting. These factors, in the context of limited export opportunities, affected the cost of both raw and processed food products.
The main contribution to the slowdown in raw food inflation was made by the cheapening of fruit; the prices of watermelons and grapes decreased due to an increase in production volumes, and for bananas and citrus fruits - due to a drop in external prices. The increase in apple prices slowed down thanks to a better harvest than last year.
Source: ukranews.com