Macroeconomic Forecast Ukraine

Consumer price inflation (CPI) eased slightly in July to 10.6% on an annualised basis, marking a break to a multi-month trend which saw the headline print climb all the way to 11.9% in June. The main driver was easing prices for food, with year-on-year rises falling to 9.6% in July, from 11.7% in the previous month, as a successful domestic grain crop came online with the summer harvest. We expect CPI to hit 14.0% by end-2011.

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