Inflation has slowed down in Ukraine, but prices hit the pocket: what we pay more for now
12 November 2025 08:35
In October 2025, inflation in Ukraine dropped to 10.9% year-on-year, while consumer prices rose by only 0.9% per month. This was reported by the National Bank of Ukraine with reference to data from the State Statistics Service, "Komersant Ukrainian" reports
The regulator notes that the actual inflation trajectory was slightly higher than the forecast in the NBU’s October Inflation Report. This is due to a slower decline in the rate of rise in raw food prices.
At the same time, core inflation was slightly lower than expected due to a slowdown in the growth of prices for services and non-food items.
Food is getting cheaper, but not all of it
The rate of growth in raw food prices continued to decline, falling to 15.2% yoy.
Vegetables fell by 21.5%, mainly due to borscht products.
Tomato prices slowed down, but cucumber prices started to rise again.
Fruit prices slowed, while prices for flour, eggs, pork, and chicken stabilized.
Cereals and milk, on the other hand, rose faster.
Core inflation is the lowest in a year
In October, core inflation stood at 10.2%, indicating a gradual decline in price pressures.
In particular:
- the rise in prices for processed foods slowed to 15.6%;
- prices for dairy products, bread, oil, and soft drinks grew at a slower pace;
- processed fish and seafood rose more rapidly.
Prices for non-food products grew the slowest
In October, prices for non-food products grew by only 1.6% year-on-year. This is the lowest rate since the beginning of the year.
The reason for this is a deepening decline in the price of clothing and footwear amid declining demand.
Services are rising more slowly
Inflation in services and administratively regulated prices fell to 13.8%.
This may indicate a weakening of imbalances in the labor market, the NBU says.
Prices grew more slowly for:
- hospital and personal care services
- internet and taxi services
- insurance, and hotels.
The growth of administratively regulated prices also slowed to 10.6%, primarily due to a slowdown in the price of tobacco products and alcoholic beverages.
Fuel prices increased due to the base effect
Fuel prices increased by 3.9% year-on-year. As the NBU explained, this dynamics is due to the effect of the comparison base, as prices for all types of fuel remained almost unchanged in October.
NBU forecast
The NBU expects inflation to continue to slow by the end of 2025 due to sufficient food supply and the NBU’s monetary policy measures aimed at maintaining interest in hryvnia assets and the stability of the foreign exchange market.
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