Inflation reached 10.2% year-on-year.

In October 2024, the IPC for goods over the month was recorded at 100.9%, compared to 102.4% in December 2023.

On an annual basis, this indicator stood at 104.7%, which is 4.7 percentage points lower than the corresponding figure for October 2023.

The short-term IPC for services in October 2024 was 100.8%, which is 0.7 percentage points lower than the previous month and 0.1 percentage points higher than in October of the previous year. The IPC for services from January to October 2024 reached 124.9%, compared to 128.7% in October 2023.

The short-term IPC for food products in October 2024 amounted to 101.1%. For non-food products, it reached 100.7%, and for paid services to the population, it was 100.8%.

The IPC for food products in October 2024 was recorded at 98.6%, for non-food products at 106.2%, and for services at 124.9%.

The annual IPC for food products in October 2024 stood at 102.2%, for non-food products at 108.1%, and for services at 128.7%.

Excluding price fluctuations in fruit and vegetable products, the IPC for food products over the month was 0.1 percentage points lower than when accounting for price changes in this group.

For the IPC in December 2023, as well as in annual terms, the price changes for fruit and vegetable products acted as a restraining factor. Thus, the aggregate IPC from January to October 2024, considering the impact of price fluctuations on fruits and vegetables, was 2.8 percentage points lower, and in annual terms, it was 2 percentage points lower than without accounting for such influence.

In October of this year, food products had the most significant impact on the change in the short-term aggregate IPC. According to calculations, the contribution to the growth of the aggregate IPC for the month from price changes in food products reached 0.46 percentage points, or 54.8% of the total index growth.

At the same time, services continue to dominate the structure of contributions to the growth of the aggregate IPC both in relation to December 2023 and in annual terms.

The share and contribution of each position to the growth of the aggregate indicator are assessed taking into account price changes and the weight of the position in the structure of consumer spending of the population.

In October 2024, the range of short-term IPC by sections was between 100.1% (Section XII. “Insurance and Financial Services”) and 101.7% (Section VIII. “Information and Communication”).

Lower than in October of last year, the value of the short-term IPC was observed in sections I. “Food Products and Non-Alcoholic Beverages”, III. “Clothing and Footwear”, IV. “Housing Services, Electricity, Gas, and Other Fuels”, VII. “Transport”, IX. “Restaurants and Hotel Services”, and XII. “Insurance and Financial Services”.

The range of IPC from January to October 2024 by sections was between 99.1% (Section I. “Food Products and Non-Alcoholic Beverages”) and 137% (Section IV. “Housing Services, Water, Electricity, Gas, and Other Fuels”).

In October 2024, the annual IPC range by sections was between 102.7% (Section VIII. “Information and Communication”) and 140.1% (Section IV. “Housing Services, Water, Electricity, Gas, and Other Fuels”).

In October 2024, the annual IPC range by sections was between 102.7% (Section VIII. “Information and Communication”) and 140.1% (Section IV. “Housing Services, Water, Electricity, Gas, and Other Fuels”).

In October 2024, the annual IPC range by sections was between 102.7% (Section VIII. “Information and Communication”) and 140.1% (Section IV. “Housing Services, Water, Electricity, Gas, and Other Fuels”).

Significantly lower than in October 2023, the price growth for the month was seen in milk, other dairy products, and eggs (100.9% compared to 103.2%), as well as in fruits and nuts (101.9% compared to 106.5%).

In October of this year, a decrease in the average price level was recorded in the group “Cereals and Grain Products”, where the IPC for the month was 99.7%. This was due to the seasonal saturation of the market with new crop rice and, consequently, a decrease in prices for this product.

The values of IPC for the main groups within Section I. “Food Products and Non-Alcoholic Beverages” for October 2024 ranged from 80.8% (“Fruits and Nuts”) to 109.7% (“Meat Products”).

The average price level in the groups “Milk, Other Dairy Products and Eggs”, “Fruits and Nuts”, “Vegetables, Root Crops, and Legumes” in October 2024 was lower than in December 2023.

With the exception of the groups “Meat Products”, “Oils and Fats”, “Prepared Foods and Other Food Products”, “Non-Alcoholic Beverages”, the IPC value from January to October 2024 was lower than the corresponding figure for the same period in 2023.

In October of this year, the annual IPC value for the groups in Section I ranged from 92.4% (“Vegetables, Root Crops, and Legumes”) to 109.9% (“Non-Alcoholic Beverages”).

The average price level in the groups “Milk, Other Dairy Products and Eggs”, “Fruits and Nuts”, “Vegetables, Root Crops, and Legumes” in the current October was lower than in the corresponding month of 2023.

With the exception of the groups “Oils and Fats” and “Non-Alcoholic Beverages”, the annual IPC value in October 2024 was lower than the corresponding figure for October 2023.

In October 2024, the price decline in Section I (excluding fruit and vegetable products) was recorded for such products as buckwheat (-0.4%), first-grade wheat flour (-0.5%), fish (-0.8%), sugar (-1.2%), and rice (within 2.6-3.1%).

The main price increases for the month were noted for food products such as cotton (+3.3%) and sunflower (+2.3%) oils, national sweets (+3.0%), chocolate, cocoa, and food products based on cocoa (+2.5%), lamb (+1.2%), and eggs (+1.0%).

The seasonal factor traditionally leads in influencing the price dynamics of the fruit and vegetable group of goods. The range of short-term IPC for fruits and vegetables in October 2024 was between 87.8% (grapes) and 133.2% (cucumbers).

Compared to December 2023, the most significant price decreases were observed for cucumbers, tomatoes, eggplants, grapes, and bell peppers. Conversely, carrots, beets, and potatoes increased in price by 12.2-31.8% during this period.

The fluctuations of IPC for October 2024 in annual terms ranged from 65.9% (cabbage) to 145.6% (garlic). Compared to October 2023, the most significant decreases were seen in cabbage, grapes, lemons, eggplants, and onions.

In October 2024, the decrease in prices for cereals and grain products, as well as for fish and other seafood, acted as a restraining factor, causing the aggregate indicator for the month to be lower by 0.03 percentage points.

The contribution to the growth of the short-term aggregate IPC among the goods in Section I. “Food Products and Non-Alcoholic Beverages” from fruit and vegetable products reached +0.24 percentage points. The increase in prices for meat products led to an additional increase in the aggregate indicator by +0.09 percentage points. The influence of other groups was less significant.

Among the goods in Section I, the diminishing effect on the aggregate IPC for October 2024 compared to December 2023 was caused by price changes in fruit and vegetable products, as well as in milk, other dairy products, and eggs (a total of -1.9 percentage points).

The increase in prices for meat products, non-alcoholic beverages, sugar, confectionery, and desserts, cereals, and grain products collectively raised the aggregate IPC by 1.34 percentage points. The influence of other groups was less significant.

The most substantial contribution to the growth of the aggregate IPC for October 2024 in annual terms came from price changes in meat products, sugar, confectionery, and desserts, and non-alcoholic beverages (a total of +1.3 percentage points).

The diminishing effect was caused by the decrease in prices in the groups “Milk, Dairy Products, and Eggs”, “Fruits and Nuts”, and “Vegetables, Root Crops, and Leg