Russian Attacks Worsen Business and Exports, Inflation Reaches 7.7%

In August, economic activity in Ukraine declined due to Russian attacks and the blockade of the ports of Odesa. Business expectations worsened, freight transport and exports decreased, and inflation accelerated to 7.7% in July. The National Bank of Ukraine (NBU) attributes this to rising prices for food and fuel. In August, price growth continued, also linked to logistics issues and a decline in industrial activity. The agricultural sector made a positive contribution thanks to a record harvest. The labor market saw a decrease in the shortage of workers, but it remained significant. Foreign trade showed a deficit due to a reduction in exports. International reserves at the end of July amounted to $51.2 billion. In the foreign exchange market, demand for foreign currency remained high, the hryvnia strengthened by 0.3% against the dollar but weakened by 1.2% against the euro. The volume of term deposits increased by 2.8 billion hryvnias.

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