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Food prices drive inflation in Ukraine as much as 9.7% y/y in October

An increase in food prices and rising business expenses pressed inflation in Ukraine approximately 9.7%. yearonyear in October from 8.6% in September, the stats. service stated on Friday.

Monthly consumer rates grew by 1.8% in October compared. with 1.5% in the previous month, it stated.

Consumer inflation has actually been growing at a quicker speed than. initially anticipated by the federal government and analysts so far this. year because of a lower harvest, an electrical energy deficit and. rising business costs.

Stats information revealed that food rates rose by 10.9%. year-on-year in October, with rates for vegetables up by over. 62% and fruit rates growing by 23.9%.

The central bank anticipated the cost pressure to remain. strong in the coming months, peaking at the start of the next. year and inflation starting to slow in spring 2025.

As Russia's war in Ukraine approaches the 1,000-day mark,. Ukrainian services battle with increasing business costs due. to electricity deficit and staff lacks.

Russian forces have intensified their attacks on the. Ukrainian energy sector since March, knocking out about half of. available generation capacity. Ukraine has to count on more. pricey imported electrical power to cover the need.

The war is also draining pipes Ukraine's labour force, with. millions abroad and 10s of thousands Ukrainian males set in motion. into the army.

(source: Reuters)