Inflation in Ukraine slowed to 14.1% in July

Core inflation slowed to 11.7% year-on-year

Inflation in Ukraine in annual terms slowed to 14.1% in July 2025 (compared to 14.3% in June). This was reported by the State Statistics Service of Ukraine (Ukrstat).

At the same time, consumer prices fell by 0.2% last month compared to June (the first deflation since July 2023 was recorded).

Core inflation last month was 0.3% compared to June and 11.7% compared to July 2024.

It is worth noting that in July, the National Bank of Ukraine (NBU) for the third time this year worsened its inflation forecast for 2025 – from 8.7% to 9.7%. Inflation is expected to decrease to 6.6% in 2026, and in 2027 – to the NBU target of 5%. The regulator forecasts that the economy will grow by 2.1% this year due to soft fiscal policy, steady domestic demand, and a lower electricity deficit than last year. At the same time, these growth rates will be lower than in 2024 (2.9%).

Recall that, according to last year’s results, inflation in the country reached 12%, surpassing the 2023 figure (5.1%) and the forecasts of state institutions. Core inflation in 2024 was 10.7%, which is significantly higher than 4.9% in 2023.

As GMK Center reported, Ukraine’s trade turnover for the period January–July 2025 reached $69.1 billion. During this period, the country imported goods worth $45.9 billion, while exports amounted to $23.2 billion. Taxed imports accounted for $34.7 billion, representing 76% of total imported goods. The top three exported goods from Ukraine included food products ($13 billion), metals and metal products ($2.6 billion), and machinery, equipment, and transportation ($2.2 billion).