National Bank Of Ukraine

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NBU May 2025 Inflation Update

In May, inflation was running above the NBU’s forecast published in the April 2025 Inflation Report. The deviation from the forecast trajectory was primarily driven by a sharper increase in raw food prices due to adverse spring weather and active exports of food. Underlying inflationary pressures were somewhat weaker than expected, but remained fairly persistent amid robust consumer demand and the high cost to businesses of raw materials and labor....

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