The National Bank believes that inflation in Ukraine will continue to rise until July

In February 2025, the prices of bread, meat, sunflower oil, cheese and dairy products, tea, coffee, and chocolate in Ukraine rose rapidly.

These categories were highlighted in today’s inflation report by the National Bank of Ukraine (NBU), which explained the increase in inflation from 12.9% in January to 13.4% in February.

“In February, the annual growth rate of prices for raw food products accelerated. Fruits, certain livestock products, flour, and cereals became more expensive due to the continued effects of last year’s poor harvests. Prices for pork, poultry, and sugar approached those of Ukraine’s trading partners amid stable exports,” the NBU report stated.

The regulator also noted that prices for processed food products rose even faster than the overall inflation index, reaching 16.7% year-over-year. Additionally, service costs increased by 14.3%, particularly in transportation, telecommunications, healthcare, leisure, and culture.

The NBU also pointed to rising prices for medicines, medical supplies, and medical equipment, attributing this to increased production costs. The report also highlighted a rise in the price of automotive gas.

Moreover, the National Bank forecasts further inflation growth until July.

“Inflation will continue to rise in the coming months due to the ongoing impact of last year’s poor harvests and the increasing production costs of businesses for energy supply and wages,” the NBU explained.

Recently, Ukraine’s State Statistics Service reported that consumer inflation in the country accelerated to 13.4% year-over-year in February 2025.