Inflation in Ukraine has slowed: why prices are rising faster than the NBU’s forecasts
10 June 19:15
In May 2026, headline inflation in Ukraine slowed as expected due to seasonal factors. However, according to the National Bank of Ukraine (NBU), underlying price pressures persisted due to rising business costs for labor, energy, and logistics.
This was reported by the National Bank’s press service , as reported by "Komersant Ukrainian".
Rising business costs: As noted by the NBU,
“actual figures for headline and core inflation exceeded the forecast trajectory published in the April 2026 Inflation Report.”
The main reason for this was the acceleration in price growth for processed food products and services.
Food price trends
Raw food products: The rate of price growth for raw food products slowed significantly to 4.6% year-over-year.
Prices for pork and chicken rose more slowly, while egg prices fell due to an increase in domestic supply.
Read us on Telegram: important topics – without censorship
Processed foods: Pricegrowth for processed foods accelerated slightly to 10.4%.
Against this backdrop, sunflower oil became more expensive due to a shortage of raw materials, while bread prices rose due to higher costs of raw materials and packaging materials.
Inflation in services and non-food goods
In May, inflation in the services sector accelerated to 13.6%. This was driven by rising costs for fuel, labor, and electricity. Transportation and leisure services saw the fastest price increases.
Price dynamics for non-food goods remained stable at 0.3% year-over-year.
Administratively regulated prices: Prices in this sector accelerated to 10.2%, primarily due to higher public transportation fares.
Fuel: Fuel inflation accelerated to 38.7% year-on-year. On a month-on-month basis, gasoline prices rose, while diesel and auto gas became cheaper.
In May 2026, inflation in Ukraine slowed to 8.2% year-over-year, while prices rose by 0.9% month-over-month.
As a reminder, the Accounting Chamber analyzed the execution of the state budget in the first quarter of 2026 and identified a number of risks that could affect budget sustainability and the implementation of state programs by the end of the year.
Watch us on YouTube: important topics – without censorship
