Latest reading: Inflation dipped to 1.1% in June, down from May’s 1.2% and representing the lowest inflation rate in over...
Inflation in Ukraine
Consumer price inflation in Ukraine averaged 14.6% in the ten years to 2024, in line with the CIS Countries regional average of 7.9%. The 2024 average figure was 6.5%. For more information on inflation, visit our dedicated page.
Ukraine Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Ukraine from 2014 to 2024.
Source: Macrobond.
Ukraine Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 7.9 | 2.7 | 9.3 | 20.1 | 13.4 |
| Inflation (CPI, ann. var. %, eop) | 4.1 | 5.0 | 10.0 | 26.6 | 5.1 |
| Inflation (PPI, ann. var. %, eop) | 4.1 | -1.6 | 40.8 | 47.3 | 24.2 |
Inflation hits over two-year high in May
Latest reading: Inflation came in at 15.9% in May, which was up from April’s 15.1% and was the highest rate since April 2023. Food price pressures rose at the sharpest pace in over two years and continued to fuel overall inflation due to last year’s drought, a decline in agricultural supply and rising energy spending amid Russian attacks on critical infrastructure. Annual average inflation rose to 10.9% in May (April: 9.9%). Meanwhile, core inflation ticked up to 12.3% in May from April’s 12.1%. Finally, consumer prices increased 1.30% in May over the previous month, accelerating from April's 0.70% rise.
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 30 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 info@focus-economics.com.
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