The National Bank of Ukraine projects that the inflation rate will reach 30% at the end of 2022 but will slow down in the following years.

“Inflation will accelerate to around 30% at the end of this year but it will decrease in the following years provided that security risks are expected to decrease and monetary and fiscal policies are coordinated,” Governor of the National Bank of Ukraine Andriy Pyshnyy said at a briefing.

The NBU governor noted that this year’s acceleration of the inflation rate could be considered quite moderate given the full-scale war and long-term inflation records in many world countries.

According to him, the National Bank expects the growth of consumer prices in Ukraine to slow down from next year thanks to the gradual establishment of logistics and production, fading world inflation, moderately tight monetary conditions, the balanced monetary policy of the government, and the refusal of monetization of the budget.

Pyshnyy emphasized that, according to NBU forecasts, inflation will decrease to below 20% next year and to 10% a year later.