Ukraine Inflation Slows from 2-Year High on Base Effects

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%.

The annual inflation rate in Ukraine eased to 14.3% in June of 2025 from the two-year high of 15.9% in the previous month, marking the first deceleration in consumer prices since March 2024. Inflation slowed sharply for housing and utilities (2.4% vs 20.1% in May), as the base year started to include the impact of Russian strikes in Ukrainian grids and power infrastructure, driving electricity prices be stable on an annual basis (vs 63.6%). This offset the impact of rising inflation in other key sectors. Prices accelerated for transportation (6.2% vs 5.8%) and food and non-alcoholic beverages (23.2% vs 22.1%), mainly due to a smaller harvest last year and cold spring weather that delayed fresh produce. From the previous month, consumer prices rose by 0.8%.