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It won't get any cheaper. Food and service prices in Ukraine will continue to go up

What will happen to prices for food and services—NBU forecast. Photo: Pixabay

What will happen to prices for food and services—NBU forecast. Photo: Pixabay

Ukrainian should not hope for a decrease in food and service prices. Further growth is due to an increase in the cost of raw materials and supplies, according to the National Bank forecast.

"Enterprises of all economic sectors predict a further rise in prices for their products / services amid high expectations of the price increase for raw materials and supplies," the results of the enterprises’ survey conducted by the regulator on September 6-23 stated.

Economic expert Oleh Pendzin told the outlet Obozrevatel that food prices would also be impacted by the cost of energy resources, in particular gas. According to his forecasts, not everything will rise in price—the cost of sunflower oil will not change, at least this month. Vegetables will traditionally rise in price, the process started at the end of September. A more specific picture of the food cost will become after the harvest. Taking into account the food crisis that is brewing in Europe due to low yields, the experts project that bread for the Ukrainian consumer will significantly rise in price.

Context. According to the State Statistics Service, consumer inflation in August 2021 remained at the level of the previous month—10.2%. In August, in annualized terms, prices for sugar increased by 91.2%, for sunflower oil—by 75.6%, for eggs—51.8%, for bread—16.5%, for pasta—by 11%, for meat—by 11%. Utility tariffs increased by 29%. Transport prices increased by 11.4%.

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