Israel’s exposure to Turkey trade ban most evident in construction and food, says Capital Economics
3 days ago
Inflation in Ukraine decreased to 11.3% in July, down from 12.8% in June and 15.3% in May, the State Statistics Service reported on August 9 (chart).
The biggest improvements were seen in restaurants and hotels at 18.5%, compared with 19.1% in June, miscellaneous goods at 15.7% against 18.8%, housing and utilities at 14.7% compared with 15.2%, as well as food and non-alcoholic beverages at 13.3% compared with 16.5%.
The consumer price index (CPI) decreased by 0.6%, easing from a 0.8% increase in June. Underlying inflation was recorded at zero, following deflation of 0.1% in June and 0.3% in May.
This is the lowest since the start of Russia's full-scale invasion, when inflation skyrocketed from 10% to 26.6% and underlying inflation surged from 7.9% to 22.6%.
The National Bank of Ukraine (NBU) recently revised its inflation forecast to 10.6% this year, 8.5% next year and 6.8% in 2025, following the positive results.
One of the key factors contributing to the moderation of inflation is the saturation witnessed in both food and fuel markets. Additionally, the decline in global energy prices has played a pivotal role in stabilising the overall inflationary pressures.
In response to the rapid disinflation, the NBU cut the key policy rate from 25% to 22% on July 28.
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Israel’s exposure to Turkey trade ban most evident in construction and food, says Capital Economics
Ankara’s move is, however, unlikely to have a major macroeconomic impact in either country, assessment concludes.
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