NBU raised key policy rate to 18%
The National Bank of Ukraine increased the key policy rate in 0.5 p.p. to 18%.
It was reported by the NBU.
It's noted that, in July, consumer price inflation continued to decelerate, reaching 8.9% yoy and closely approaching the target range set by the NBU (6.5% ± 2 pp as of the end of Q3 2018).
According to the NBU’s preliminary estimations, in August, inflation was also close to this level.
The decline in inflation in July was generally in line with the most recent macroeconomic forecast of the NBU.
A sizable increase in domestic and imported supply of food products, which dampened price growth, contributed to lower inflation.
In addition, hryvnia appreciation in the first half-year influenced prices of non-food products.
Core inflation decelerated in July, to 8.8% yoy, which was also expected by the NBU.
However, core inflation remaining high indicates that the underlying inflationary pressure is persistently strong.
This is mainly the result of the rapid growth in real wages, which leads to higher production costs and sustained consumer demand.
The NBU increased the key policy rate from 19.5% to 30% since March 4, 2015.
Then the NBU continued keeping the rate at 30% for many times.
On August 25, 2015, the NBU lowered the key policy rate to 27%, on September 25, 2015 - to 22%.
The NBU lowered the rate from 22% to 19% since April 22, 2016, on May 27, 2016 - from 19% to 18%, on June 24 - from 18% to 16%.
On July 29, 2016, the NBU lowered the key policy rate from 16.5% to 15.5%, on September 16, 2016 - from 15.5% to 15%.
On October 28, 2016, the NBU lowered the key policy rate from 15% to 14%, in December 2016 and January 2017 - remained at 14%, in April 2017 - lowered to 13%, in May 2017 - to 12.5%, in October - increased to 13.5%, in December 2017 - to 14.5%, in January - to 16%, in March 2018 - to 17%, in July 2018 - to 17.5%.
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