KYIV, Aug 10 – Ukraine’s producer prices increased 2.6% on the month in July, bringing the annual rate of increase to a whapping 42.2%, suggesting the economy is heating up and interest rate hike may be required.

The prices in July increased by 2.6%, compared with 2.4% in June, and 3.6% in May, the State Statistics Service has reported.

The National Bank of Ukraine raised key interest rates three times this year, most recently on July 22, but more rate hikes may be in the cards as both, consumer and producer prices have continued to accelerate.