The National Bank of Ukraine has released an updated forecast regarding the dynamics of inflation for the coming years. According to the regulator’s estimates, inflation in Ukraine is expected to be 9.2% in 2025, 6.6% in 2026, and by the end of 2027, this figure should decrease to 5%.
This is reported by Finway
Trends in Consumer Inflation in 2025
The head of the NBU, Andriy Pyshny, reported during a briefing on October 23 that in September 2025, consumer inflation slowed to 11.9%. According to the head of the National Bank, this trend continued in October. The main factor behind the slowdown in inflation was the increase in the supply of vegetables, made possible by better harvests than the previous year.
“Although inflation has decreased more significantly than the NBU’s forecast, this is primarily due to the expansion of vegetable supply thanks to better harvests than last year.”
Dynamics of Core Inflation and the Impact of Business Costs
Despite the overall slowdown in inflation, core inflation decreased at a much slower pace, standing at 11% in September 2025. The main reason for this trend remains the high costs for businesses related to wages and energy resources. As a result, the rate of price growth for processed food remained low, and prices for services practically did not decrease.
Thus, the National Bank of Ukraine expects a continued gradual slowdown in inflation over the next two years, which should positively impact the country’s economic stability.