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 2013 to 2022.
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 | - |
Inflation falls to over two-year low in October
Inflation fell to 5.3% in October, following September’s 7.1%. October's figure marked the weakest inflation rate since December 2020. Looking at the details of the release, lower price pressures for food and for housing, water, electricity, gas and other fuels outweighed a sharper rise in transportation prices in October compared to the previous month. Accordingly, annual average inflation fell to 17.0% in October (September: 18.7%). Meanwhile, core inflation fell to 6.8% in October, from September’s 8.4%. Finally, consumer prices rose 0.80% from the previous month in October, accelerating from the 0.49% increase logged in September. October's result was the highest reading since March.
Analysts at the EIU commented on the outlook: “Inflation will continue to slow in 2024 as the shocks to the economy dissipate and the country restores some economic normality. […] Expansionary fiscal spending remains a risk for inflation, but the concentration of government expenditure in a single sector, as well as the financing of deficits through aid and concessionary loans, will prevent a serious build-up of inflationary pressures in the wider economy.”
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.
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