Inflation in Ukraine reached 15.1% year-over-year, up from 14.6% in March, according to data published by the country’s State Statistics Service on May 9.
Core inflation also rose by 0.4% in April 2025 compared to March 2025. Since the beginning of the year, it has increased by a total of 3.9%.
Last month, prices for food and non-alcoholic beverages climbed by 1.8% compared to March, and by 19.8% compared to April 2024. The largest monthly increase was in fruit prices – by 7.9% in April (a 25.3% increase over the past year).
Also, prices rose for poultry, sugar, beef, fish and fish products, bread, pork fat, pasta, vegetables, and non-alcoholic beverages – with increases ranging from 0.2% to 2.5%.
Alcohol and tobacco prices rose 1.3% in April, largely due to a 2.2% increase in tobacco pricing resulting from increased excise taxes as per EU accession requirements. Over the past year, prices for these products have increased by 17.4%.
At the same time, clothing and footwear became 4.4% cheaper year-over-year: clothing prices fell by 4.9% and footwear by 3.9%.
In April, transportation costs fell 0.3%, despite higher fares in rail and road passenger transport (up 0.8% and 0.9% respectively), thanks to a 2.2% drop in gas prices. However, over the year, transportation costs rose by 6.9%.
Electricity prices for Ukrainians also increased by 63.6% year-over-year.
Persistent inflation for the last seven months
The March figures align with the National Bank of Ukraine’s (NBU) earlier projections that inflation would continue rising into the spring.
In February, headline inflation reached 13.4% year-on-year, while core inflation stood at 12%.
The initial inflationary spike was triggered by a poor harvest in the summer of 2024 and the consequences of Russian attacks on energy infrastructure.
The current price pressures are compounded by persistent structural factors – rising business costs, especially for labor and energy, continue to be passed down to consumers.
In 2024, Ukrainian businesses raised real wages by 14.4% to retain and attract talent.
The NBU also points to robust consumer demand plus rising logistics and electricity costs as factors behind sustained growth in processed food prices.
Price pressure has broadened since the second half of 2024, with non-food items and services – such as healthcare, transport, communications, and leisure – also contributing to inflation.
In response, the NBU raised its key interest rate from 14.5% to 15.5% earlier this year, marking the peak of its projected tightening cycle. Still, the central bank expects inflation to slow later in 2025.
“Inflation should return to the downward trajectory in H2 and decline to single digits at the end of the year. Inflation will decline to the 5% target over the policy horizon,” NBU Governor Andrii Pyshny said in February.