Ukraine’s inflation accelerates in March to 1.7%, statistics agency reports

The statistics agency recalled that in March 2025 prices rose by 1.7%, so in annual terms inflation accelerated to 7.9% in March this year, up from 7.6% in February and 7.4% in January.

It said core inflation in March 2026 increased to 1.5%, from 0.7% in February and 0.4% in January. Given that core inflation stood at 1.4% in March 2025, it edged up to 7.1% year-on-year, from 7% in February and January.

On the consumer market, prices for food and nonalcoholic beverages rose by 1.3% in March. The biggest increase was recorded for eggs, up 7.7%. Prices rose by 4.8% to 0.8% for processed grain products, sunflower oil, fruit, bread, fish and fish products, beef, vegetables, nonalcoholic beverages and lard. At the same time, prices fell by 1.0% to 0.1% for sugar, pasta, rice, pork, poultry and butter.

Prices for alcoholic beverages and tobacco products increased by 1.1%, driven by a 1.3% rise in tobacco prices.

Clothing and footwear rose by 12.0%, including clothing by 12.0% and footwear by 11.8%.

Transport prices increased by 6.4%, mainly due to a 13.2% rise in fuel and lubricants and higher fares for rail and road passenger transport, up 8.2% and 6.0%, respectively.

In the communications sector, prices rose by 2.5%, mainly due to a 3.8% increase in mobile service tariffs.

As reported, inflation in Ukraine surged to 26.6% in the first year of Russia’s full-scale invasion, then slowed to 5.1% in 2023. It rose again to 12% the following year but was reduced to 8% in 2025, partly due to the National Bank’s relatively tight monetary policy.

At the end of January, the National Bank worsened its inflation forecast for 2026 from 6.6% to 7.5%, and for 2027 from 5% to 6%.

Earlier, the State Statistics Service reported that consumer price growth in Ukraine slowed to 0.8% in June 2025, from 1.3% in May.

In July, the National Bank for the third time that year worsened its inflation forecast — from 8.7% to 9.7% — and expected inflation to ease to 13.1% in the third quarter, from 14.3%. It also revised its forecast for the following year upward from 5% to 6.7%.

In its July 2025 inflation report, the National Bank said food inflation in Ukraine was approaching a local peak and would begin to slow soon due to the arrival of the new harvest, lower prices for certain food products and increased imports.

In August 2025, the State Statistics Service recorded a second consecutive monthly decline in consumer prices of 0.2%, following increases of 0.8% in June and 1.3% in May.

At the end of October, the National Bank improved its inflation forecast for 2025 to 9.2%, from 9.7% in its July macro forecast, and kept its 2026 projection unchanged at 6.6%.

Consumer price growth in Ukraine slowed to 0.2% in December 2025, from 0.4% in November and 0.9% in October.