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Ukraine's central bank raises key rate to 17%

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Ukraine's central bank raises key rate to 17%

The National Bank of Ukraine raised its key policy rate by 100 basis points to 17%, its fourth consecutive rate increase since October, as inflation risks remain unabated.

Headline inflation accelerated to 14.1% year over year in January on faster-than-expected growth in prices for food products and services, higher fuel prices and currency depreciation. Core inflation rose to 9.8% year over year in the same month due to higher production costs amid rapid wage growth. The central bank also said that the economy is still highly vulnerable from external shocks in the absence of clear signs that the International Monetary Fund will continue to provide official financing.

The board said that it still expects inflation to fall to 8.9% in 2018 and return to the target in mid-2019.