Inflation in Ukraine accelerated to 0.7% in January

Consumer prices in Ukraine rose by 0.7% in January this year compared to the previous month, and by 7.4% year-on-year. This is stated in a report by the State Statistics Service (SSS).

In December 2025, annual inflation stood at 8%.

Core inflation in January compared to December 2025 was 0.4%, and compared to the same period last year, it was 7%.

At the end of January, the NBU worsened its inflation forecast for the current year from 6.6% to 7.5%. According to the regulator’s expectations, it will fall to 6% at the end of 2027 and to the target of 5% in 2028. The National Bank also lowered its GDP growth forecast for 2026, primarily due to the electricity shortage caused by Russian attacks on the power grid. Ukraine’s economy is expected to grow by 1.8% this year (previous expectations were 2%).

According to preliminary estimates by the Ministry of Economy, Ukraine’s real GDP grew by 2.2% year-on-year last year. Last year, the country’s economy continued to operate amid attacks on energy infrastructure, complex logistics, and high security risks, but showed growth close to the forecast. It was supported by positive dynamics in such key sectors as domestic (primarily retail) trade, construction, and manufacturing.

As reported by GMK Center, Ukraine’s real GDP in 2024 grew by 2.9% according to the State Statistics Service.