Ukraine's inflation slows to 1.4% in April, accelerates to 8.6% y-o-y – statistics

Consumer price growth in Ukraine slowed to 1.4% in April 2026 from 1.7% in March, 1% in February, and 0.7% in January of this year, the State Statistics Service reported on Thursday.

The statistical agency recalled that price growth in April 2025 amounted to 0.7%. As a result, inflation in annual terms accelerated to 8.6% at the end of April 2026 from 7.9% at the end of March, 7.6% at the end of February, and 7.4% at the end of January.

Underlying inflation in April 2026 slowed to 0.9% from 1.5% in March, 0.7% in February, and 0.4% in January. Taking into account that underlying inflation in April 2025 amounted to 0.4%, year-over-year underlying inflation accelerated to 7.6% from 7.1% at the end of March and 7% at the end of February and January.

As reported, inflation in Ukraine surged to 26.6% during the first year of Russia’s full-scale aggression, after which it declined to 5.1% in 2023. The following year the indicator rose again to 12%, but in 2025 it was reduced to 8%, including due to the National Bank’s fairly tight monetary policy.

At the end of April, the National Bank worsened its inflation forecast for 2026 from 7.5% to 9.4%, and for 2027 from 6% to 6.5%.