Weekly Insight -- CPI inflation hits NBU target of 5%
In December, headline inflation expectedly accelerated and hit the NBU target. We expect inflationary pressure to intensify in the near-term due to a surge of global energy and agri prices and a hike in the minimum wage. But in the medium-term, UAH appreciation amid robust external accounts and the pandemic-induced drag on demand should keep inflation close to the upper band of target range and restrain the NBU from the raising key rate in 1H21.
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