The national Bank’s updated inflation forecasts. What to expect from the prices
The national Bank’s updated inflation forecasts. What to expect from the prices
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The regulator hopes to return inflation to the target range in mid-2019.
The national Bank published a regular report “Inflation report” in which the updated forecast how prices will rise in the next three years. By the end of 2018 the rate of inflation will make 8.9% (targets – 6% plus/minus 2%), 2019 – 5,8%, in 2020 to 5.0%.
“In 2018-2020 consumer inflation will decline and gradually return to target, as predicted in the beginning of the year. Inflation will return to target range in mid-2019 and will meet its Central value of 5% by the end of 2020,” – said the NBU.
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“The prices will continue to push rapid growth in consumer demand, which fundamental inflationary pressures will remain significant this year. However this will be partially offset by the strengthening of the exchange rate relative to the currencies of countries-trading partners in the first quarter of 2018, which will contribute to reducing inflationary pressure in the coming months. As a result, core inflation will decelerate faster than expected in January – to the end of the year it will be 7.7%”, – said the national Bank.
NBU adds that “another determining factor in a fairly high rate of inflation this year will be significant growth in administratively regulated prices (14.6% for the year) as a result of the increase in wage costs in the housing sector, the rise in price of energy and increase in excise duties on tobacco products”.
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