KYIV, Oct 23 – The National Bank of Ukraine (NBU) has lowered its inflation forecast for 2020 to 4.1% from 4.7% (in the July forecast), but has also increased its inflation forecast to 6.5% in 2021 from 5.5% previously predicted.

"Considering the weak dynamics of consumer prices in Q3, the NBU has revised its annual inflation forecast downward, to 4.1%... Consumer inflation will increase to 6.5% in 2021, influenced by the continued economic recovery, this year's hryvnia depreciation, and a large hike in the minimum wage [from January 1 from UAH 5,000 to UAH 6,000] that will boost domestic demand," the National Bank said on its website said on Thursday.