As of December 2025, inflation has slowed to 8%, with the National Bank of Ukraine expecting it to drop to 7.5% by the end of 2026.

This information is highlighted in the NBU's inflation report for January.

In recent months, inflation has decreased mainly due to increased harvest yields and reduced labor market pressure. In September 2025, inflation stood at 11.9%, but by December it had fallen to 8% and continued to decline in January.

"Nevertheless, the extensive destruction in the energy sector will exert upward pressure on prices through both market and administrative mechanisms. Together with the effects of a low comparison base, this may lead to moderate inflation acceleration in the second half of the year.

Thus, by the end of 2026, inflation is expected to decrease moderately to 7.5%." – reports the NBU.

The NBU also anticipates that inflation will slow to 6% in 2027 and reach the target of 5% in the latter half of 2028.

This forecast is linked to the reduction of energy deficits, decreased external price pressures, as well as continued improvement in harvest yields and labor market conditions.