Inflation in Ukraine slowed to 11.9% in September

Core inflation for the period was 11% compared to September 2024

Inflation in Ukraine slowed to 11.9% year-on-year in September. This is stated in a report by the State Statistics Service (SSS).

Compared to August, consumer prices rose by 0.3%.

Core inflation in September was 1.3% compared to August and 11% compared to September 2024.

In annual terms, inflation has been declining for the fourth month in a row: 13.2% in August, 14.1% in July, and 14.3% in June. The peak was reached in May at 15.9% y/y.

It should be noted that in July, the National Bank of Ukraine worsened its inflation forecast for 2025 for the third time this year, from 8.7% to 9.7%. Inflation was expected to fall to 6.6% in 2026 and to the regulator’s target of 5% in 2027.

It should be recalled that at the end of last year, inflation in the country reached 12%, exceeding the figures for 2023 (5.1%) and the forecasts of state institutions. Core inflation in 2024 was 10.7%, significantly higher than 4.9% in 2023.

As reported by GMK Center, the World Bank forecasts that Ukraine’s economic growth will slow to 2% this year from 2.9% last year. In 2026, the country’s GDP will grow by 2% year-on-year, and by 5% in 2027. The financial institution notes that the prolonged invasion by the Russian Federation is affecting investment and business activity. In the second quarter of 2025, Ukraine’s real GDP grew by 0.8% compared to the same period last year.