This is more than expected – The National Bank of Ukraine (NBU) had forecasted inflation to reach 10% by the end of the year. Reports OBOZ.UA. This information is provided by Kontrakty.UA.
One of the main drivers of the overall price increase has been the rise in food prices. Over the year, vegetables saw the most significant price increase, soaring by 48.3% compared to last December due to poor harvests.
Data from the State Statistics Service of Ukraine confirms this. In December 2024, consumer prices in the country rose by 1.4%, while food inflation reached 1.8%.
The poor harvest has also been cited by the Ministry of Economy as a primary cause of inflation acceleration in Ukraine. They also identify rising production costs as another crucial factor influencing consumer prices, particularly due to renewed Russian attacks on the energy sector, labor market issues, and a shortage of accessible credit resources.
According to official statistics, a noticeable increase in food prices has occurred in Ukraine over the past year. The products with the highest price increases include:
vegetables – "plus" 48.3% (for the last month of 2024 – 3.7%);
butter – 33.9% (monthly increase – 5.2%);
sunflower oil – 20.9% (monthly increase – 5.1%).
There were no products listed by the State Statistics Service that saw price decreases over the year. According to their calculations, only egg prices remained unchanged, with an annual index of 0.
As reported by OBOZ.UA, according to the forecast of the director of the Economic Discussion Club, Oleg Pendzin, in 2025, food prices will continue to have a decisive impact on inflation in Ukraine. The pace of inflation will depend on the harvest – if it turns out to be low, the growth of consumer prices may once again exceed 10%.