The National Bank of Ukraine (NBU) reported further increases in prices for goods and services, particularly for food products and fuel. However, the regulator expects a gradual slowdown in inflation. These data are presented in the NBU’s Macroeconomic and Monetary Review for April 2025.
This is reported by Finway
Consumer inflation in February 2025 rose to 13.4% year-on-year, and according to NBU estimates, this trend continued in March when annual inflation exceeded 14%. The main reasons for the price increase are:
- the rising cost of raw and processed food products due to poor harvests last year;
- increased business costs, particularly for wages and energy resources;
- the sustained active consumer demand in the market.
State of Prices for Goods and Services
According to the NBU report, the year-on-year increase in prices for raw products accelerated, and the rise in processed goods continued. The increase in prices for non-food goods and services indicates persistent fundamental pressure in the market.
In particular, services in healthcare, transportation, communication, recreation, and culture experienced faster price increases. Meanwhile, prices for personal care services, insurance, and financial services rose more slowly. Prices for clothing and footwear remained lower than last year’s figures.
Fuel Price Increases
In February 2025, fuel prices also rose, primarily due to the high rate of increase in the cost of autogas. However, the surplus supply of gasoline, competition among gas station networks, and the optimization of logistics for imported supplies reduced the pressure on fuel price increases. Additionally, the moratorium on raising tariffs for certain housing and communal services continues to restrain administrative inflation.