In annual terms, inflation in Ukraine slowed to 14.1% in July 2025 (compared to 14.3% in June), according to a statement from the State Statistics Service (Derzhstat).
At the same time, consumer prices fell by 0.2% in July compared to June, marking the first deflation since July 2023.
Core inflation in July was 0.3% compared to June and 11.7% compared to July 2024.
It is worth noting that the National Bank of Ukraine (NBU) in July lowered its inflation forecast for 2025 for the third time this year — from 8.7% to 9.7%. Inflation is expected to decrease to 6.6% in 2026 and reach the NBU target of 5% in 2027. The regulator forecasts that the economy will grow by 2.1% this year thanks to a soft fiscal policy, stable domestic demand, and a smaller electricity deficit than last year. However, this growth rate will be lower than in 2024 (2.9%).
For the full year 2024, inflation in Ukraine reached 12%, exceeding both the 2023 level (5.1%) and government forecasts. Core inflation in 2024 stood at 10.7%, significantly higher than 4.9% in 2023.
