Ukraine’s annual inflation rate in November fell 1.5 percentage points to 9.3%, compared with the same period last year, with core inflation also declining to 9.3%.
It is unclear whether inflation will slow to Ukraine’s 5% target, as Russia’s attacks on the energy sector and the ongoing war continue to drive inflation, jeopardizing the price pressure relief for the Ukrainian economy.
Comparing October and November 2025 prices, alcohol and food (including eggs, vegetables, and fish) led inflationary pressure, followed by other services.
Ukraine’s State Statistics Service published a report about inflation on Tuesday.
Consumer inflation in Ukraine
Consumer market inflation fell from 0.9% in October to 0.4% in November, but year-on-year it remained at 9.3%.
This is a milestone, as inflation has finally dropped to a single digit after a year of double-digit price pressures that worried Ukraine’s economists and regulators.
But the margin is thin. Ukraine’s 5% inflation target remains distant as the economy continues to face pressures from Russia’s full-scale invasion.
Core inflation in Ukraine
Overall, core inflation slowed by nearly 1% year-over-year, dropping to 0.9% compared to last year’s figures.
Ukraine’s statistics agency estimated year-over-year core inflation at 9.3% in November 2025, down from 10.2% in the same month last year. Core inflation excludes volatile prices.
The comparison of monthly numbers this year shows an even more optimistic decline from 0.6% in October to 0.3% in November.
Core inflation is back to November 2024 levels, ending a year-long upward trend.
Food prices in Ukraine
In November, food and non-alcoholic beverage prices rose 0.8%. Eggs saw the largest increase at 12.6%. Prices for vegetables rose by 4.6%
Prices for lard, grain products, fish and fish products, sunflower oil, pasta, fermented milk products, cheeses, bread, beef, milk, and butter rose between 0.8% and 2%.
This month, prices for fruits, pork, sugar, poultry, and rice fell by 0.9% to 3.0%. In spring, fruits had driven price pressure due to April frosts, but the trend has now reversed.
Alcoholic beverages and tobacco rose 1.2%, led by a 1.9% increase in tobacco prices.
Utilities, services, clothing prices in Ukraine
Transport prices increased 0.5%, mainly due to higher fares in railway passenger transport (1.6%) and road passenger transport (0.6%), as well as a 0.5% rise in fuels and lubricants.
Clothing and footwear became 2.3% cheaper, with footwear down 2.9% and clothing down 1.9%.
Telecommunications services decreased slightly by 0.1%.
Housing, water, electricity, gas, and other fuels rose by 0.1%, mainly due to a 0.6% increase in waste collection services. These prices are administratively regulated and kept below market levels, which is why they haven’t risen significantly – unless the government decides otherwise.
Prices for household goods, appliances, and home maintenance rose by 0.3%.
In the healthcare sector, prices fell by 1.1% overall, reflecting a 1.9% decrease in pharmaceutical and medical goods, while outpatient services became 0.6% more expensive.
Inflation in Ukraine began slowing from its 15.9% peak in May. The main driver is an increased supply of newly harvested agricultural products.
Labor market constraints – stemming from workforce losses due to internal and external migration – have continued to put upward pressure on inflation since mid-2024.
The energy grid destruction last year, which fueled another inflation spike in 2024, is starting to weigh on prices again, though the risk has not yet materialized.
National Bank of Ukraine (NBU) Governor Andriy Pyshny previously noted that inflationary pressures had strengthened due to Russian strikes on Ukraine’s energy infrastructure and higher budget spending.