devaluation of the hryvnia exchange rate during June and July have not yet fully reflected in the current dynamics of inflation. This is stated in a research note Analysis of Inflation in August 2009, which was announced on the website of the National Bank of Ukraine.

The NBU think about the above shows the growth of core inflation in August, the second consecutive month at 0.5%, while at the same time, its annual rate remains high - 18,7%.

The National Bank noted that the growth of a narrow core inflation is a signal to the implementation of risk increasing trend in core inflation. This indicates that the narrow core inflation, which reflects the impact of exchange rate policy in August amounted to 0,3%, higher than its average for May-July (0,1%),
Due to the lag effect of devaluation on the CPI at a level close to one quarter in IV
quarter rise in prices of imported goods will accelerate.
Reducing

nebazovoy inflation (at 1.2% per month) had a seasonal character and
determined to lower prices of food commodities, especially fruits and vegetables (total contribution to consumer price inflation minus 1 percentage point), which allowed
offset the effects of increases in the cost of other components, in particular, fuel (for
8,7% contribution to the CPI - 0.2 percentage points) and administratively regulated prices (in particular
sugar - by 8,5%, contribution to the CPI - 0.1 percentage points).

Despite the deflation of consumer prices in August (on 0,2%), exclusion
seasonal component shows a significant pressure on the prices of fundamental factors, - stated in the materials of the National Bank.

According NBU, will resume in September consumer price inflation, including by the following factors: the end of the period of seasonal markdowns, increase in tariffs for housing services in accordance with the requirements of the memorandum with the International Monetary Fund, rising fuel prices, which had a direct impact on the cost of transport services in August and will exert pressure on the prices of other goods consumer basket in future periods.

Help. in Ukraine in August 2009 to July of this year deflation amounted to 0,2%, by August 2008 - inflation is 15.3%. Since the beginning of the year inflation amounted to 8,2%.
State budget of Ukraine for 2009 is calculated on the basis of inflation 9,5%.

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