Ukraine Inflation Rises to Near 2-Year High

The inflation rate in Ukraine eased to 7.4% in January of 2026 from 8% in the previous month, reflecting the softest pace of price growth since July of 2024. Inflation slowed for housing and utilities (2.2% vs 8.9%), food and non-alcoholic beverages (9.7% vs 10.2% in December 2025), transportation (5.9% vs 7.2%), restaurants and hotels (13.1% vs 14.5%). From the previous month, consumer prices in Ukraine inched 0.2% higher, slowing sharply from the 07% increase in the final month of 2025.

Ukraine’s inflation rate eased for the sixth consecutive month, falling to 9.3% in November 2025, the lowest since September 2024 and returning to single digits for the first time since October 2024. Price growth slowed mainly in food & non-alcoholic beverages (12.1% vs 15.6% in October), with sharp declines in vegetables (-27.8%) and sugar (-7.5%) offsetting stronger increases in meat and meat products (+23.1%), sunflower oil (+21.9%) and fruit (+20.2%). At the same time, clothing & footwear prices continued to fall (-6.1% vs -6%). On the other hand, price-growth accelerated for transportation (5.9% vs 5.4%), of which fuel and lubricants (5.3%) and transport services (12.1%). On a monthly basis, consumer prices went up by 0.4%, following a 0.9% increase in the prior month.

The inflation rate in Ukraine inched lower to 14.1% in July of 2025 from 14.3% in the previous month, a second straight decline since topping at the two-year high of 15.9% in May. The slowdown was again owed to base effects that take into account the June-2024 surge in power prices as Russian forces struck Ukrainian power infrastructure. Consequently, housing and utilities inflation was soft at 2.4%, with electricity prices refraining from growing a second month. In turn, inflation was higher for food and non-alcoholic beverages (22.6%), transportation (7.1%), and restaurants and hotels (15.6%). From the previous month, Ukrainian consumer prices edged down by 0.2%.