Food inflation in Ukraine has accelerated, with rising prices for eggs, vegetables, and milk.

In November, consumer prices increased by 1.9% (compared to October 2024), and since the beginning of the year, they have risen by 10.4% (compared to December 2023). This was reported by the State Statistics Service.

The head of the parliamentary Committee on Finance, Taxation, and Customs Policy Daniil Getmantsev noted that food inflation continued to accelerate.

Food prices overall rose by 3.9% over the month (up from 0.9% in August, 1.8% in September, and 3.2% in October).

Among food products, the largest price increases were seen in eggs (54.6%), vegetables (13.7%), and milk (5.6%). In November, prices rose for all items in the food group, except for sugar (-1.3%) and fruits (-1.5%).

Among non-food goods and services, alcoholic beverages, tobacco products (+1.3%), restaurants, and hotels (+1.3%), as well as various goods and services (+3%), experienced the highest price increases in November.

At the same time, fuel and oils (-0.8%) and clothing and footwear (-2.2%) became cheaper over the month, which, along with unchanged tariffs for gas, heating, and water services, somewhat restrained inflation.

“On a year-on-year basis (up to November 2023), consumer inflation accelerated to 11.2% (up from 9.7% in October). This is the highest annual inflation rate in the last 16 months,” he stated.

According to Getmantsev, the intensification of inflationary pressure is explained by both fundamental factors pushing core inflation up due to rising production costs for labor, raw materials, energy supply, and imported inflation due to currency depreciation, as well as seasonal factors, particularly adverse weather conditions that led to reduced yields and decreased supply of agricultural raw materials/specific raw food products (including vegetables, which increased by 63% year-on-year).

“The trend of accelerating inflation will continue in December and the beginning of next year. There is a high likelihood that inflation for the end of 2024 will exceed 12%.

This will strengthen the arguments for the NBU to reconsider the discount rate, which currently stands at 13%. I remind you that the next meeting of the NBU Board on monetary policy will take place on December 12,” he added.

Earlier, it was reported how food prices have changed over three years of war.