At the same time, import prices (especially energy prices) are declining even faster than export prices. The price environment on the crude oil market has been favorable for Ukraine even disregarding the latest developments. In February, crude oil prices declined by 10%–15% yoy on average, European prices for natural gas fell by 50%, and metals prices dropped by 11%–12%.
Prices for grains and iron ore remained almost unchanged. Uncertainty over the spread of the novel coronavirus, and stronger turbulence on financial and commodity markets saw the Ukrainian FX market respond with deteriorated sentiment and 1/3  BIS central bankers' speeches  increased nervousness. This has led to a sizeable increase in demand for foreign currency, which exceeded the supply, starting last week.