The motherland monument in Ukraine

Ukraine Inflation

Ukraine Inflation

Inflation in Ukraine

Consumer price inflation in Ukraine averaged 14.1% in the ten years to 2022, significantly above the Eastern Europe regional average of 7.7%. The 2022 average figure was 20.1%. For more inflation information, visit our dedicated page.

Ukraine Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Ukraine from 2014 to 2023.
Source: State Statistics Service of Ukraine.

Ukraine Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 11.0 7.9 2.7 9.3 20.1
Inflation (CPI, ann. var. %, eop) 9.8 4.1 5.0 10.0 26.6
Inflation (PPI, ann. var. %, eop) 17.4 4.1 -1.6 62.2 47.3

Inflation remains stable in December

Inflation held steady at November's 5.1% in December. Lower price pressures for housing and utilities and transportation offset stronger price growth for food and non-alcoholic beverages. Annual average inflation fell to 13.4% in December (November: 15.2%). Meanwhile, core inflation fell to 4.9% in December, from November’s 5.7%. Finally, consumer prices rose 0.69% over the previous month in December, accelerating from the 0.51% rise recorded in November.

Analysts at the EIU commented on the outlook: “The pace of disinflation will slow in 2024 as the one-off effects of a 2023 fall in food prices caused by export constraints disappear and economic growth picks up. […] Expansionary fiscal spending remains a risk for inflation, but the concentration of government expenditure in a single sector, the managed float in the first half of the forecast period, and the financing of deficits through aid and concessional loans will prevent a serious build-up of inflationary pressures in the wider economy.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ukrainian inflation projections for the next ten years from a panel of 25 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Ukrainian inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Ukrainian inflation projections.

Want to get access to the full dataset of Ukrainian inflation forecasts? Send an email to

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