In October 2025, inflation in Ukraine continued to decrease, reaching 10.9% year-on-year. Prices rose by 0.9% over the month, according to updated statistical data. However, the actual figure turned out to be slightly higher than the forecast made by the National Bank in its October Inflation Report.
This is reported by Finway
Price Dynamics for Food Products
The main reason for this situation was the slower-than-expected decline in prices for raw food products. The annual price growth for these goods slowed to 15.2%. In particular, there was a further decrease in vegetable prices — the decline reached -21.5%, primarily due to the drop in prices for the traditional borscht vegetables. However, tomato prices decreased more slowly, while cucumber prices began to rise again.
The increase in prices for fruits, flour, and eggs significantly slowed down. The cost of pork and chicken remained stable, while beef prices rose slightly more slowly. At the same time, there was a faster increase in prices for cereals and milk.
Inflation in the Non-Food Segment and Services
Core inflation in October decreased to 10.2%. The price growth for processed products slowed to 15.6% year-on-year. In particular, prices for dairy products, bread, sunflower oil, and non-alcoholic beverages grew more slowly, while processed fish and seafood became more expensive at a faster rate.
The growth rate of prices for non-food goods decreased to 1.6% annually, and the decline in clothing and footwear prices became even deeper. Inflation in the services sector also slowed down — to 13.8%. This may indicate a partial easing of the situation in the labor market. In particular, prices for hospital services, beauty salons, internet, taxi, insurance, and hotels grew more slowly.
“Further inflation reduction is expected by the end of the year due to sufficient food supplies and measures by the National Bank that support the attractiveness of hryvnia assets and the stability of the currency market.”
Administratively regulated prices also rose more moderately — their growth rate decreased to 10.6%. This is due to a smaller increase in the prices of tobacco products and alcoholic beverages. The cost of fuel increased by only 3.9%, which is explained by the base effect, as fuel prices for all types remained almost unchanged in October.
Thanks to sufficient food supplies and measures by the National Bank that strengthen the hryvnia’s position and support the stability of the currency market, further inflation rate reductions are expected by the end of 2025.