Inflation reaches 7.8% in Jan-Oct 2020

According to the committee, the inflation rate in October was 1.4%, as was in September.

The inflation rate since the beginning of the year has reached 7.8%, it amounts to 11.5% per annum.

“In October, food prices rose by an average of 2.3%, non-food products – by 0.8% and services – by 0.7%. In general, in January-October 2020, the level of food prices increased by 10.0%, non-food products – by 6.9% and services – by 5.2%,” the committee’s report reads.

According to official statistics, prices for meat, poultry and fish in October rose by 0.7% compared to September. Eggs rose in price by 17.7%, sugar – by 8.6% and fruits and vegetables – by 3.2%.

It was noted that the prices for sugar and meat have increased by 15.0% since the beginning of the year. In particular, the price of boneless beef rose by 18.2% in 10 months.

In January-October, cottonseed oil increased by 24.2% (in October – by 13.6%), sunflower oil – by 23.9% (in October – by 11.2%), butter – by 11.1% (in October – by 1.6%), margarine – by 9.7% (in October – by 1.0%).

It should be noted that the Central Bank in October maintained the inflation forecast for 2020 at 11-12.5%. According to the 2021 state budget bill, the government expects the inflation rate to be around 10% next year.