Ukraine's inflation begins to ease after local peak: 14.3% YoY in June

Ukraine’s inflation rate has started to decline following a year of continuous growth, according to the State Statistics Service. Annual inflation in June stood at 14.3% year-on-year, down from 15.9% in May.

Monthly inflation (compared to May 2025) slowed to 0.8% in June, after 1.3% in the previous month.

In early July, the National Bank of Ukraine (NBU) confirmed that inflation had peaked in May and resumed its downward trend in June. This was largely attributed to the high base of comparison from the previous year for administratively regulated prices.

However, the NBU noted that the pace of disinflation was slower than anticipated, mainly due to persistently high food price growth.

• Ukraine’s previous inflation peak was recorded at the end of 2022, when it reached 26.6%. Since then, inflation has dropped significantly, enabling the NBU to gradually reduce its key policy rate, which had been held at 25% during the peak.
• As of now, the discount rate stands at 15.5%.