Ukraine’s inflation falls below 10% for the first time in a year
Photo: EPA / MYKOLA TYS

In November 2025, consumer prices in Ukraine rose by 0.4% compared with October and by 9.3% year-on-year compared with November 2024, the State Statistics Service reported on Tuesday.

Annual inflation fell below 10% for the first time since October 2024.

Core inflation — which excludes short-term, uneven price movements driven by seasonal or administrative factors — increased by 0.3% in November and amounted to 9.3% year-on-year.

The sharpest price increases in November were recorded for eggs (+12.6%), as well as vegetables, fish products, butter, pasta, milk, oil, and bread. At the same time, prices for fruit, pork, sugar, poultry, and rice declined. Clothing and footwear fell by 2.3%.

Utility tariffs remained stable during the month, with the only increase recorded in waste collection services.

  • The National Bank of Ukraine expects year-end inflation to reach 9.2%.
  • Due to the slowdown in inflation, the NBU’s Monetary Policy Committee was not unanimous in its latest decision on the key policy rate — for the first time in a long period. Almost half of its members suggested beginning a rate-cut cycle as early as October.