The Ministry of Economy explained the factors driving price increases in Ukraine.

Consumer prices in Ukraine increased by 10.4% over the 11 months of 2024, with an annual inflation rate of 11.2%. The primary reason for the price hike was the increased production costs and the poor harvest of certain agricultural crops.

According to the Ministry of Economy, the acceleration of inflation in November was mainly influenced by internal factors, such as rising costs due to the resumption of power outages caused by Russian attacks, increased energy resource expenses, a shortage of skilled labor, and limited lending opportunities. Additionally, issues with the harvest of certain agricultural crops contributed to this situation.

Overall, the impact of core inflation and non-core inflation on the overall price level was the same. The contribution of core inflation was 5.2 percentage points with a growth of 9.3%, while the contribution of non-core inflation was also 5.2 p.p., but with a growth of 12%.