Inflation in Ukraine in May 2026: buckwheat, fuel, and services keep rising in price

According to the National Bank of Ukraine, inflation in the country in May 2026 stood at 8.2% year-on-year, while prices rose 0.9% compared to April.

This was reported by RBC-Ukraine, citing the NBU.

The National Bank noted that both headline and core inflation came in above the forecast published in the April Inflation Report. The main reason was faster-than-expected price growth for processed foods and services. The regulator attributes this to rising business costs for electricity, logistics, fuel, and labor.

Annual price growth for raw food products slowed to 4.6%. Pork and chicken prices rose more slowly, due to increased domestic and imported supply. Egg prices fell as a result of expanded production. Price growth for cucumbers also slowed, and apples became cheaper due to active sales of last year’s remaining harvest. At the same time, buckwheat and millet continued to rise sharply in price due to limited supply, high production costs, and steady demand.

Core inflation accelerated to 7.9% in May. Prices for processed food products rose 10.4% year-on-year. The most notable price increases were in sunflower oil, bread, fish, and seafood. The NBU explained that the cost of oil was affected by a raw material shortage and reduced output at certain enterprises. Bread became more expensive due to higher costs for raw materials, packaging, and transportation. The rate of price growth for sausage products slowed, however, due to stabilization in meat prices.

Services inflation accelerated to 13.6%. The sharpest price increases were recorded for transport services, vehicle maintenance, driving courses, and leisure and beauty services.

The rate of growth in administratively regulated prices accelerated to 10.2%. This is linked to higher urban transport fares in a number of regional centers, as well as persistently high prices for tobacco products.

Fuel inflation stood at 38.7% year-on-year. The National Bank attributes this primarily to a low base effect. On a monthly basis, gasoline continued to rise in price, while diesel fuel and autogas became slightly cheaper.

The NBU notes that headline inflation slowed mainly due to seasonal factors, while underlying price pressure remains significant owing to high business costs for wages, energy, and logistics. The regulator indicated that these factors will be taken into account when making future monetary policy decisions.