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Friday, November 7, 2008

Ukraine Inflation Continues To Drop Back In October

Ukraine's inflation rate, which is still the highest in Europe, fell back again in October - for the fifth month, following falls in food and commodity prices. The annual rate was at 23.2 percent, down from 24.6 percent in September, and considerably down from the May peak of 31.2, according to data released this morning (Friday) by the state statistics committee. Month on month, prices were up 1.7 percent.

The Ukranian government is struggling desperately to bring inflation back under control and to stabilize the economy as part of a pledge to the International Monetary Fund who agreed this week to lend Ukraine $16.5 billion.

It is hard to say how quickly disinflation operates in Uklraine, since in part this depends on what happens to the hyrvnia, although the Ukraine president's office do not expect it to fall below 18 percent this year, compared with 16.6 percent in 2007.

I am sorry I have not found the time to make much comment on the Ukraine situation in recent days. I will try and find time to say something "useful" over the weekend.

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